Macroeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859477
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
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Question
Chapter 12, Problem 2E
To determine
During World War II, cigarettes were used as money in prisoner of war camps. Contributing the attributes money should posses, the reason cigarettes emerge as money among prisoners.
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Answer this question in no more than 5 sentences.
Why is it necessary for money to possess the necessary attributes that qualify it as “good money”?
Suppose you’re at the mall shopping for a pair of shoes and run into NBA player LeBron James. You help him find a perfect gift to give his teammate, Alex Caruso. As thanks for your help, he signed the jersey off his back and gave it to you. Even though his jersey is a valuable asset, why would it not serve as a very good form of money in your attempt to buy shoes? Use the three primary functions of money in your explanation.
What is money? Explain the definition in terms of the functions of money?
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- How much money did you make last year? What is wrong with that statement?arrow_forward. P’Dim and P’Green discusses the use of cowrie shells as money. Although cowrie shells are no longer used as money, do you think other forms of commodity monies are possible? What role might technology play in our definition of money?arrow_forwardHow did money arise? What issues did money solve?arrow_forward
- Complete each of the following sentences: a product that serves both as money and as a commodity isarrow_forwardWhich function of money is in each of the following cases demonstrating? (1) You pay $10 for a movie ticket. (2) You deposit your tax refund check in your saving account. (3) A restaurant manager sets the prices of meals she serves in dollars.arrow_forwardState the role of money in the economyarrow_forward
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