(Please all Answer.) QUESTION 3What type of money are the unexpired packages of mackerel?O Commodity MoneyO Representative MoneyO Fiat MoneyO Universal MoneyQUESTION 4What type of money is the stone money on the Island of Yap?O Commodity MoneyO Representative MoneyFiat MoneyO Universal Money QUESTION 5The podcast of the Functions of Money describes several characteristics of what makes "good money." Mackerel and Stone money from Yap meet someof the characteristics, but do not meet others. Match the characteristics of money with the descriptions from the media files.v Stone money on Yap were very large stone dises that could weigh up A. Durableto one ton. The stones often stayed in one place and ownershipchanged via word of mouth (recorded by the elders). It does nothave this characteristicB. ScarceC Portable* Mackerel has this characteristic because each pouch of mackerel is DUniformexactly the same, containing 8 ounces of fish.v Everyone on the Island of Yap permitted the use of stone money as a F Acceptablemethod of payment, even when the stones were too large tophysically move.E Divisibilityv The quantity of mackerel in prison was limited because inmatescould only purchase 14 pouches per weekv Stone Money can still be found on Vap, more than 150 years after itsuse on the island stopped.v Mackerel are worth about S1.47. Since you.cannot pay with partialpackages of mackerel, the price of a good in terms mackerelpouches is rounded up. Mackerel does NOT xhibit thischaracteristic of money.

Answered: QUESTION 3 What type of money are the…

QUESTION 3 What type of money are the unexpired packages of mackerel? O Commodity Money O Representative Money O Fiat Money O Universal Money

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter14: Banking And The Money Supply

Section: Chapter Questions

Problem 3.4P

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Question

(Please all Answer.)

QUESTION 5
The podcast of the Functions of Money describes several characteristics of what makes "good money." Mackerel and Stone money from Yap meet some
of the characteristics, but do not meet others. Match the characteristics of money with the descriptions from the media files.
v Stone money on Yap were very large stone dises that could weigh up A. Durable
to one ton. The stones often stayed in one place and ownership
changed via word of mouth (recorded by the elders). It does not
have this characteristic
B. Scarce
C Portable
* Mackerel has this characteristic because each pouch of mackerel is DUniform
exactly the same, containing 8 ounces of fish.
v Everyone on the Island of Yap permitted the use of stone money as a F Acceptable
method of payment, even when the stones were too large to
physically move.
E Divisibility
v The quantity of mackerel in prison was limited because inmates
could only purchase 14 pouches per week
v Stone Money can still be found on Vap, more than 150 years after its
use on the island stopped.
v Mackerel are worth about S1.47. Since you.cannot pay with partial
packages of mackerel, the price of a good in terms mackerel
pouches is rounded up. Mackerel does NOT xhibit this
characteristic of money.

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