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- How does the existence of money simplify the process of buying and selling?2. What is normal goods? What is ordinary goods? Please indicate whether normal money must be ordinary money.3. What are two things that meet the criteria of the functions of money, but may not necessarily be what you would think of as money? 7
- 3. The kinds of money Personal possession of currency is prohibited in U.S. prisons, although, in practice, prisoners still exchange goods and services. Until 2003, the year in which the U.S. government banned smoking in federal penitentiaries, cigarettes were the preferred medium of exchange among prisoners. One important difference between using cigarettes and using dollars as money is that have intrinsic value. Cigarettes are an example of money.3. The kinds of money Personal possession of currency is prohibited in U.S. prisons, although, in practice, prisoners still exchange goods and services. U.S. prisoners used cigarettes as a medium of exchange until smoking was banned in U.S. prisons in 2003. After 2003, prisoners looked to other items on the commissary menu to facilitate exchange. In 2008, the Wall Street Journal reported that energy bars had caught on as money in some U.S. prisons. One important difference between using energy bars and using dollars as money is that v have intrinsic value. U.S. dollars are an example of money.What are the three functions that a commodity must fulfill to be useful as money? 13.Why can’t food be used as a form of money? 14.Money is what money does. Explain.
- The characteristic of money as a store of value implies: a. Money will remain valuable from one day to the next O b. None of the Above O C. Money allows us to quote prices and record debt O d. Money is acceptable as payment for goods and services10. Discuss any three functions of Money?II. Concentrate on any valid definition of money to answer the following scenarios logically; a. If you have 20 notes of prize bonds, each has the worth of Rs. 1500/- , can we term these prize bonds as money? If YES then how, and if NO then why? If you regularly purchase Pepsi for that you pay Rs. 100 per bottle. After taking the drink out of that, if you have 50 empty bottles at your home now, can we term these bottles as money as because you have spent money for these too? If yes then how and if no then why? c. If you have the currency note of Rs. 5 in your pocket which was used in the past. Can we say that this is money today too? If yes then how and if no then why?
- Which of the following statements is true? O The necessary condition required for money to function as a medium of exchange is that it also needs to be a store of value. O The hours of labor that go into producing a product are a better unit of account than paper money. OOne of the limitations of using money is that it does not allow for the transfer of purchasing power into the future. OWhen money is used as a yardstick to describe the price of various goods and services, it serves as a store of value.2. The roles of money Lorenzo wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vecation is priced at $750. He has only $1,537 in his checking account, so he cannot afford to purchase both. After much thought, Lorenzo buys the computer and writes a check for $1,299, Identify what role money plays in each of the following parts of the story. Hint: Select each role only once. Role of Money Lorenzo can easily determine that the price of the computer is more than the price of the vacation. Lorenzo has $1,537 in his checking account. Lorenzo writes a check for $1.299. Medium of Exchange O O Unit of Account O Store of Value O OOSınav g Which of the following definitions of money refers to the coins and paper money held by the public? 10 11 O a. deposit money 19 20 Uygulama O b. M2 Kalan süre money in circulation O d. M2 Sonraki sayfa
