Which are considered as money.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 34, Problem 1FT

To determine

Which are considered as money.

Expert Solution & Answer

Answer to Problem 1FT

Choices 'a' and 'c'.

Explanation of Solution

The exchange of goods and services takes place in the economy with a medium of exchange. The widely accepted means of transaction is money. There are many items, which are considered as money such as the paper currencies and metallic coins and so on.

Option (a):

Cash is a very widely accepted and used medium of exchange. It has the highest liquidity. It helps to carry on the transaction easily in the market. Thus, the society accepts the cash for goods and services. Therefore, it comes under the definition of a widely accepted means of payment. Hence, it is considered as money.

Option (c):

The checking account balance is the balance that the people save in the bank accounts. They are also highly liquid and they can be accessed with the checks from the banks. Thus, people are ready to accept the checking account balance as a medium of payment. Hence , it is also considered as money.

Option (b):

The records are good to hear. Some are ready to accept them as payments for the goods and services that they provide. However, majority of the society will not accept them as payment. It is due to the very lower liquidity of the records. Thus, they are not widely accepted means of payment and so they are not considered as money.

Option (d):

The auto-detailing works are very hard to be converted into accepted means of payment. Therefore, it has very lower liquidity and is widely accepted by people other than the auto-enthusiastic people. Hence, it is not considered as money.

Option (e):

The continental dollars are widely accepted means of payment after the period of the war-era. However, they have lost its prestige and now they are not used as a medium of exchange. Therefore, although they were once accepted as money, now they are not.

Economics Concept Introduction

Concept introduction:

Money: Money is a widely used medium of exchange.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Government Purchases and Tax Revenues A B GDP T₂ Refer to the diagram. Discretionary fiscal policy designed to slow the economy is illustrated by Multiple Choice the shift of curve T₁ to T2. a movement from d to balong curve T₁.

Section III: Empirical Findings: Descriptive Statistics and inferential statistics………………..40% Descriptive statistics provide details about the Y variable, based on the sample for the 10-year period. Here, you use Excell or manually compute Mean or the average income per capita. Interpret the meaning of average income per capita. Draw the line chart showing the educational performance over the time-period of your study. Label the Vertical axis as Y performance and X axis as the explanatory variable (X1) . Do the same thing between Y and X2 Empirical/ Inferential Statistics: Here, use the sample information to perform the following: Draw the Scatter plot and impose the trend line: showing the Y variable and explanatory variables ( X1). Draw the scatter plot and impose the tend line: Showing Y and X2. Does your evidence (data) support your theory? Refer to the trend line: Is the relationship positive or negative as expected? Based on the data sheet below: Years Y ( per…

Section III: Empirical Findings: Descriptive Statistics and inferential statistics………………..40% Descriptive statistics provide details about the Y variable, based on the sample for the 10-year period. Here, you use Excell or manually compute Mean or the average income per capita. Interpret the meaning of average income per capita. Draw the line chart showing the educational performance over the time-period of your study. Label the Vertical axis as Y performance and X axis as the explanatory variable (X1) . Do the same thing between Y and X2 Empirical/ Inferential Statistics: Here, use the sample information to perform the following: Draw the Scatter plot and impose the trend line: showing the Y variable and explanatory variables ( X1). Draw the scatter plot and impose the tend line: Showing Y and X2. Does your evidence (data) support your theory? Refer to the trend line: Is the relationship positive or negative as expected? Create graphs based on table below; Years Y ( per…

Answer 2

Question

Chapter 34, Problem 1FT

To determine

Which are considered as money.

Expert Solution & Answer

Answer to Problem 1FT

Choices 'a' and 'c'.

Explanation of Solution

The exchange of goods and services takes place in the economy with a medium of exchange. The widely accepted means of transaction is money. There are many items, which are considered as money such as the paper currencies and metallic coins and so on.

Option (a):

Cash is a very widely accepted and used medium of exchange. It has the highest liquidity. It helps to carry on the transaction easily in the market. Thus, the society accepts the cash for goods and services. Therefore, it comes under the definition of a widely accepted means of payment. Hence, it is considered as money.

Option (c):

The checking account balance is the balance that the people save in the bank accounts. They are also highly liquid and they can be accessed with the checks from the banks. Thus, people are ready to accept the checking account balance as a medium of payment. Hence , it is also considered as money.

Option (b):

The records are good to hear. Some are ready to accept them as payments for the goods and services that they provide. However, majority of the society will not accept them as payment. It is due to the very lower liquidity of the records. Thus, they are not widely accepted means of payment and so they are not considered as money.

Option (d):

The auto-detailing works are very hard to be converted into accepted means of payment. Therefore, it has very lower liquidity and is widely accepted by people other than the auto-enthusiastic people. Hence, it is not considered as money.

Option (e):

The continental dollars are widely accepted means of payment after the period of the war-era. However, they have lost its prestige and now they are not used as a medium of exchange. Therefore, although they were once accepted as money, now they are not.

Economics Concept Introduction

Concept introduction:

Money: Money is a widely used medium of exchange.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 34, Problem 1FT

To determine

Which are considered as money.

Expert Solution & Answer

Answer to Problem 1FT

Choices 'a' and 'c'.

Explanation of Solution

The exchange of goods and services takes place in the economy with a medium of exchange. The widely accepted means of transaction is money. There are many items, which are considered as money such as the paper currencies and metallic coins and so on.

Option (a):

Cash is a very widely accepted and used medium of exchange. It has the highest liquidity. It helps to carry on the transaction easily in the market. Thus, the society accepts the cash for goods and services. Therefore, it comes under the definition of a widely accepted means of payment. Hence, it is considered as money.

Option (c):

The checking account balance is the balance that the people save in the bank accounts. They are also highly liquid and they can be accessed with the checks from the banks. Thus, people are ready to accept the checking account balance as a medium of payment. Hence , it is also considered as money.

Option (b):

The records are good to hear. Some are ready to accept them as payments for the goods and services that they provide. However, majority of the society will not accept them as payment. It is due to the very lower liquidity of the records. Thus, they are not widely accepted means of payment and so they are not considered as money.

Option (d):

The auto-detailing works are very hard to be converted into accepted means of payment. Therefore, it has very lower liquidity and is widely accepted by people other than the auto-enthusiastic people. Hence, it is not considered as money.

Option (e):

The continental dollars are widely accepted means of payment after the period of the war-era. However, they have lost its prestige and now they are not used as a medium of exchange. Therefore, although they were once accepted as money, now they are not.

Economics Concept Introduction

Concept introduction:

Money: Money is a widely used medium of exchange.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 34, Problem 1FT

To determine

Which are considered as money.

Expert Solution & Answer

Answer to Problem 1FT

Choices 'a' and 'c'.

Explanation of Solution

The exchange of goods and services takes place in the economy with a medium of exchange. The widely accepted means of transaction is money. There are many items, which are considered as money such as the paper currencies and metallic coins and so on.

Option (a):

Cash is a very widely accepted and used medium of exchange. It has the highest liquidity. It helps to carry on the transaction easily in the market. Thus, the society accepts the cash for goods and services. Therefore, it comes under the definition of a widely accepted means of payment. Hence, it is considered as money.

Option (c):

The checking account balance is the balance that the people save in the bank accounts. They are also highly liquid and they can be accessed with the checks from the banks. Thus, people are ready to accept the checking account balance as a medium of payment. Hence , it is also considered as money.

Option (b):

The records are good to hear. Some are ready to accept them as payments for the goods and services that they provide. However, majority of the society will not accept them as payment. It is due to the very lower liquidity of the records. Thus, they are not widely accepted means of payment and so they are not considered as money.

Option (d):

The auto-detailing works are very hard to be converted into accepted means of payment. Therefore, it has very lower liquidity and is widely accepted by people other than the auto-enthusiastic people. Hence, it is not considered as money.

Option (e):

The continental dollars are widely accepted means of payment after the period of the war-era. However, they have lost its prestige and now they are not used as a medium of exchange. Therefore, although they were once accepted as money, now they are not.

Economics Concept Introduction

Concept introduction:

Money: Money is a widely used medium of exchange.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 34, Problem 1FT

To determine

Which are considered as money.

Expert Solution & Answer

Answer to Problem 1FT

Choices 'a' and 'c'.

Explanation of Solution

The exchange of goods and services takes place in the economy with a medium of exchange. The widely accepted means of transaction is money. There are many items, which are considered as money such as the paper currencies and metallic coins and so on.

Option (a):

Cash is a very widely accepted and used medium of exchange. It has the highest liquidity. It helps to carry on the transaction easily in the market. Thus, the society accepts the cash for goods and services. Therefore, it comes under the definition of a widely accepted means of payment. Hence, it is considered as money.

Option (c):

The checking account balance is the balance that the people save in the bank accounts. They are also highly liquid and they can be accessed with the checks from the banks. Thus, people are ready to accept the checking account balance as a medium of payment. Hence , it is also considered as money.

Option (b):

The records are good to hear. Some are ready to accept them as payments for the goods and services that they provide. However, majority of the society will not accept them as payment. It is due to the very lower liquidity of the records. Thus, they are not widely accepted means of payment and so they are not considered as money.

Option (d):

The auto-detailing works are very hard to be converted into accepted means of payment. Therefore, it has very lower liquidity and is widely accepted by people other than the auto-enthusiastic people. Hence, it is not considered as money.

Option (e):

The continental dollars are widely accepted means of payment after the period of the war-era. However, they have lost its prestige and now they are not used as a medium of exchange. Therefore, although they were once accepted as money, now they are not.

Economics Concept Introduction

Concept introduction:

Money: Money is a widely used medium of exchange.

Answer 6

Chapter 34, Problem 1FT

To determine

Which are considered as money.

Expert Solution & Answer

Answer to Problem 1FT

Choices 'a' and 'c'.

Explanation of Solution

The exchange of goods and services takes place in the economy with a medium of exchange. The widely accepted means of transaction is money. There are many items, which are considered as money such as the paper currencies and metallic coins and so on.

Option (a):

Cash is a very widely accepted and used medium of exchange. It has the highest liquidity. It helps to carry on the transaction easily in the market. Thus, the society accepts the cash for goods and services. Therefore, it comes under the definition of a widely accepted means of payment. Hence, it is considered as money.

Option (c):

The checking account balance is the balance that the people save in the bank accounts. They are also highly liquid and they can be accessed with the checks from the banks. Thus, people are ready to accept the checking account balance as a medium of payment. Hence , it is also considered as money.

Option (b):

The records are good to hear. Some are ready to accept them as payments for the goods and services that they provide. However, majority of the society will not accept them as payment. It is due to the very lower liquidity of the records. Thus, they are not widely accepted means of payment and so they are not considered as money.

Option (d):

The auto-detailing works are very hard to be converted into accepted means of payment. Therefore, it has very lower liquidity and is widely accepted by people other than the auto-enthusiastic people. Hence, it is not considered as money.

Option (e):

The continental dollars are widely accepted means of payment after the period of the war-era. However, they have lost its prestige and now they are not used as a medium of exchange. Therefore, although they were once accepted as money, now they are not.

Economics Concept Introduction

Concept introduction:

Money: Money is a widely used medium of exchange.

Answer 7

Chapter 34, Problem 1FT

To determine

Which are considered as money.

Answer 8

Expert Solution & Answer

Answer to Problem 1FT

Choices 'a' and 'c'.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The exchange of goods and services takes place in the economy with a medium of exchange. The widely accepted means of transaction is money. There are many items, which are considered as money such as the paper currencies and metallic coins and so on.

Option (a):

Cash is a very widely accepted and used medium of exchange. It has the highest liquidity. It helps to carry on the transaction easily in the market. Thus, the society accepts the cash for goods and services. Therefore, it comes under the definition of a widely accepted means of payment. Hence, it is considered as money.

Option (c):

The checking account balance is the balance that the people save in the bank accounts. They are also highly liquid and they can be accessed with the checks from the banks. Thus, people are ready to accept the checking account balance as a medium of payment. Hence , it is also considered as money.

Option (b):

The records are good to hear. Some are ready to accept them as payments for the goods and services that they provide. However, majority of the society will not accept them as payment. It is due to the very lower liquidity of the records. Thus, they are not widely accepted means of payment and so they are not considered as money.

Option (d):

The auto-detailing works are very hard to be converted into accepted means of payment. Therefore, it has very lower liquidity and is widely accepted by people other than the auto-enthusiastic people. Hence, it is not considered as money.

Option (e):

The continental dollars are widely accepted means of payment after the period of the war-era. However, they have lost its prestige and now they are not used as a medium of exchange. Therefore, although they were once accepted as money, now they are not.