Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 29, Problem 1PA
Subpart (a):
To determine
The commodities that are considered as money and those that are not money.
Subpart (b):
To determine
The commodities that are considered as money and those that are not money.
Subpart (c):
To determine
The commodities that are considered as money and those that are not money.
Subpart (d):
To determine
The commodities that are considered as money and those that are not money.
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Could each of the following items potentially serve as money? Consider each as a medium of exchange, a unit of account, or a store of value.
A. Visa credit card
B. Federal Reserve note
C. Debit card
D. Picasso painting
Which of the following aren’t counted in the money supply of the US?
a.Coins
b.Travelers checks
c.Commodities
d.Debit accounts
e. Currency
Give typing answer with explanation and conclusion
Could each of the following items potentially serve as money? Consider each as a medium of exchange, a unit of account, or a store of value. a. Visa credit card, b. Federal Reserve note, c. Debit card, d. Picasso painting
Chapter 29 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
Ch. 29.1 - Prob. 1QQCh. 29.2 - Prob. 2QQCh. 29.4 - Prob. 4QQCh. 29 - Prob. 1QRCh. 29 - Prob. 2QRCh. 29 - Prob. 3QRCh. 29 - Prob. 4QRCh. 29 - Prob. 5QRCh. 29 - Prob. 6QRCh. 29 - Prob. 7QR
Ch. 29 - Prob. 8QRCh. 29 - Prob. 9QRCh. 29 - Prob. 10QRCh. 29 - Prob. 1QCMCCh. 29 - Prob. 2QCMCCh. 29 - Prob. 3QCMCCh. 29 - Prob. 4QCMCCh. 29 - Prob. 5QCMCCh. 29 - Prob. 6QCMCCh. 29 - Prob. 1PACh. 29 - Prob. 2PACh. 29 - Prob. 3PACh. 29 - Prob. 4PACh. 29 - Prob. 5PACh. 29 - Prob. 6PACh. 29 - Prob. 7PACh. 29 - Prob. 8PACh. 29 - Prob. 9PACh. 29 - Prob. 10PACh. 29 - Prob. 11PA
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- explain on how people uses the digital money nowadays.arrow_forwardIn the United States today, what “backs” our money (gives it value)? A. Gold in the Department of the Treasury B. Silver bars in the Department of the Treasury C. The Federal Government D. Nothing-only our confidence that we can exchange it for other goods and servicesarrow_forwardWhat is money? What are the functions of money? What items may serve as money? Do you know of any other examples of money that is not currency or coins, in the US or other countries? Does money have to come from a government?arrow_forward
- What is commodity money? What is fiat money?Which kind do we use?arrow_forwardWhich of the following is money? A. A check is money because while it is in circulation the quantity of money increases by the amount of the check. B. Deposits are money, checks are not money, and credit cards are not money. C. A credit card is money because it allows you to take a loan at the instant you buy something. D. Currency is money and credit cards are money because they are means of payment, but deposits are not money.arrow_forwardGold and silver have been historically used as materials for making commodity money (coins) by many different human cultures throughout history. This was because they were difficult to obtain and less prone to rust than other metals. In other words, they could perform one of the functions of money better than other metals. Which function is that? Which function of money do gold and silver perform better than other metals? a. Unit of account b. Store of value c. Medium of exchange d. Standard of deferred paymentarrow_forward
- Only one of the following is part of the money supply. Which is it? Select one: A. Gold. B. Available credit on people's credit cards. C. Currency in a bank's vault. D. Demand deposits..arrow_forwardDefine the components of money and it's measurements?arrow_forwardIn economic terms, define what money is.arrow_forward
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