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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

Which of the following are considered money in the U.S. economy? Which are not? Explain your answers by discussing each of the three functions of money.

a. a U.S. penny

b. a Mexican peso

c. a Picasso painting

d. a plastic credit card

Subpart (a):

To determine

The commodities that are considered as money and those that are not money.

Explanation

Money is anything which is accepted as payment to the goods and services from a market. It acts as a medium of exchange, store of value, and unit of account, and so forth. Any commodity that is being accepted by the economy for this purpose is considered as money. It is usually metal coins and paper currencies.

The penny in the US is considered as money because it is a legally accepted medium of exchange in the economy...

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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