Answer: In the Island of Yap, the doughnut shaped stones were used both as medium of exchange and store of value. Explanation: Until 1946, the residents of the Islands of Yap used doughnuts shaped stones as financial assets. Though the prices of the goods and services are not quoted in terms of stones they were exchanged for purchases particularly the livestock purchase. A stick was inserted through the stone for the transaction and carried to the new owner. It is thus used as the medium of exchange. Knowing that it was difficult to steal it would be leaned against the side of the wall of the owner’s house as a sign to the others of accumulated purchasing power that would hold value for later use in exchange. Loans were also repaid using the stones. In the capacity the stones were used as the store of value. The stones were saved, retrieved and exchanges at later transactions. The stones were thus not only tradable but also kept for future use.

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Answer 1

Question

Chapter 15, Problem 1P

To determine

Concept introduction:

Answer:

In the Island of Yap, the doughnut shaped stones were used both as medium of exchange and store of value.

Explanation:

Until 1946, the residents of the Islands of Yap used doughnuts shaped stones as financial assets. Though the prices of the goods and services are not quoted in terms of stones they were exchanged for purchases particularly the livestock purchase. A stick was inserted through the stone for the transaction and carried to the new owner. It is thus used as the medium of exchange.

Knowing that it was difficult to steal it would be leaned against the side of the wall of the owner’s house as a sign to the others of accumulated purchasing power that would hold value for later use in exchange. Loans were also repaid using the stones. In the capacity the stones were used as the store of value. The stones were saved, retrieved and exchanges at later transactions. The stones were thus not only tradable but also kept for future use.

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Answer 2

Question

Chapter 15, Problem 1P

To determine

Concept introduction:

Answer:

In the Island of Yap, the doughnut shaped stones were used both as medium of exchange and store of value.

Explanation:

Until 1946, the residents of the Islands of Yap used doughnuts shaped stones as financial assets. Though the prices of the goods and services are not quoted in terms of stones they were exchanged for purchases particularly the livestock purchase. A stick was inserted through the stone for the transaction and carried to the new owner. It is thus used as the medium of exchange.

Knowing that it was difficult to steal it would be leaned against the side of the wall of the owner’s house as a sign to the others of accumulated purchasing power that would hold value for later use in exchange. Loans were also repaid using the stones. In the capacity the stones were used as the store of value. The stones were saved, retrieved and exchanges at later transactions. The stones were thus not only tradable but also kept for future use.

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Answer 3

Question

Chapter 15, Problem 1P

To determine

Concept introduction:

Answer:

In the Island of Yap, the doughnut shaped stones were used both as medium of exchange and store of value.

Explanation:

Until 1946, the residents of the Islands of Yap used doughnuts shaped stones as financial assets. Though the prices of the goods and services are not quoted in terms of stones they were exchanged for purchases particularly the livestock purchase. A stick was inserted through the stone for the transaction and carried to the new owner. It is thus used as the medium of exchange.

Knowing that it was difficult to steal it would be leaned against the side of the wall of the owner’s house as a sign to the others of accumulated purchasing power that would hold value for later use in exchange. Loans were also repaid using the stones. In the capacity the stones were used as the store of value. The stones were saved, retrieved and exchanges at later transactions. The stones were thus not only tradable but also kept for future use.

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Answer 4

Question

Chapter 15, Problem 1P

To determine

Concept introduction:

Answer:

In the Island of Yap, the doughnut shaped stones were used both as medium of exchange and store of value.

Explanation:

Until 1946, the residents of the Islands of Yap used doughnuts shaped stones as financial assets. Though the prices of the goods and services are not quoted in terms of stones they were exchanged for purchases particularly the livestock purchase. A stick was inserted through the stone for the transaction and carried to the new owner. It is thus used as the medium of exchange.

Knowing that it was difficult to steal it would be leaned against the side of the wall of the owner’s house as a sign to the others of accumulated purchasing power that would hold value for later use in exchange. Loans were also repaid using the stones. In the capacity the stones were used as the store of value. The stones were saved, retrieved and exchanges at later transactions. The stones were thus not only tradable but also kept for future use.

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Answer 5

Chapter 15, Problem 1P

To determine

Concept introduction:

Answer:

In the Island of Yap, the doughnut shaped stones were used both as medium of exchange and store of value.

Explanation:

Until 1946, the residents of the Islands of Yap used doughnuts shaped stones as financial assets. Though the prices of the goods and services are not quoted in terms of stones they were exchanged for purchases particularly the livestock purchase. A stick was inserted through the stone for the transaction and carried to the new owner. It is thus used as the medium of exchange.

Knowing that it was difficult to steal it would be leaned against the side of the wall of the owner’s house as a sign to the others of accumulated purchasing power that would hold value for later use in exchange. Loans were also repaid using the stones. In the capacity the stones were used as the store of value. The stones were saved, retrieved and exchanges at later transactions. The stones were thus not only tradable but also kept for future use.

Answer 6

Chapter 15, Problem 1P

To determine

Concept introduction:

Answer:

In the Island of Yap, the doughnut shaped stones were used both as medium of exchange and store of value.

Explanation:

Until 1946, the residents of the Islands of Yap used doughnuts shaped stones as financial assets. Though the prices of the goods and services are not quoted in terms of stones they were exchanged for purchases particularly the livestock purchase. A stick was inserted through the stone for the transaction and carried to the new owner. It is thus used as the medium of exchange.

Knowing that it was difficult to steal it would be leaned against the side of the wall of the owner’s house as a sign to the others of accumulated purchasing power that would hold value for later use in exchange. Loans were also repaid using the stones. In the capacity the stones were used as the store of value. The stones were saved, retrieved and exchanges at later transactions. The stones were thus not only tradable but also kept for future use.

Answer 7

Chapter 15, Problem 1P

To determine

Concept introduction:

Answer:

In the Island of Yap, the doughnut shaped stones were used both as medium of exchange and store of value.

Explanation:

Until 1946, the residents of the Islands of Yap used doughnuts shaped stones as financial assets. Though the prices of the goods and services are not quoted in terms of stones they were exchanged for purchases particularly the livestock purchase. A stick was inserted through the stone for the transaction and carried to the new owner. It is thus used as the medium of exchange.

Knowing that it was difficult to steal it would be leaned against the side of the wall of the owner’s house as a sign to the others of accumulated purchasing power that would hold value for later use in exchange. Loans were also repaid using the stones. In the capacity the stones were used as the store of value. The stones were saved, retrieved and exchanges at later transactions. The stones were thus not only tradable but also kept for future use.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 15 - Prob. 15.1LO Ch. 15 - Prob. 15.2LO Ch. 15 - Prob. 15.3LO Ch. 15 - Prob. 15.4LO Ch. 15 - Prob. 15.5LO Ch. 15 - Prob. 15.6LO Ch. 15 - Prob. 15.1SC Ch. 15 - Prob. 15.2SC Ch. 15 - Prob. 15.3SC Ch. 15 - Prob. 15.4SC

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