German tribes in the medium of exchange.

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Answer 1

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Chapter 25, Problem 25.1.8PA

Subpart (a):

To determine

German tribes in the medium of exchange.

Subpart (b):

To determine

German tribes in the medium of exchange.

Subpart (c):

To determine

German tribes in the medium of exchange.

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In the mid 1800's, grain sellers in Chicago would deliver their grain to warehouses and receive a paper receipt that represented their claim on the grain in storage. These receipts became so widely used that grain traders began to use them as money, and they would use the warehouse receipts to settle debts and as collateral to secure short-term loans. Despite their widespread use as a form of currency, the warehouse receipts were not fiat money because: A. Grain is a commodity, so the receipts were commodity money and not fiat money B. The receipts were not legal tender formally recognized by a government

Personal possession of currency is prohibited in U.S. prisons, although, in practice, prisoners still exchange goods and services. U.S. prisoners used cigarettes as a medium of exchange until smoking was banned in U.S. prisons in 2003. After 2003, prisoners looked to other items on the commissary menu to facilitate exchange. In 2008, the Wall Street Journal reported that energy bars had caught on as money in some U.S. prisons. One important difference between using energy bars and using dollars as money is that____ have intrinsic value. Energy bars are an example of ___ money.

Initially, the Republic of Gorgonzola has no commercial banking system. To make trading easier and eliminate the need for barter, the government directs the central bank of Gorgonzola to put into circulation 4,000,000 identical paper notes, called guilders. The central bank prints the guilders and distributes them to the people. At this point the Gorgonzolan money supply is 4,000,000 million guilders.In order to keep the money safe, some Gorgonzolan entrepreneurs set up a system of commercial banks. When people need to make a payment, they can either withdraw their guilders or write a check on their account. Checks give the banks permission to transfer guilders from the account of the person paying by check to the account of the person to whom the check is made out. With a system of payments based on checks, the paper guilders need never leave the banking system, although they flow from one bank to another as a depositor of one bank makes a payment to a depositor in another bank.…

Answer 2

Question

Chapter 25, Problem 25.1.8PA

Subpart (a):

To determine

German tribes in the medium of exchange.

Subpart (b):

To determine

German tribes in the medium of exchange.

Subpart (c):

To determine

German tribes in the medium of exchange.

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Answer 3

Question

Chapter 25, Problem 25.1.8PA

Subpart (a):

To determine

German tribes in the medium of exchange.

Subpart (b):

To determine

German tribes in the medium of exchange.

Subpart (c):

To determine

German tribes in the medium of exchange.

Expert Solution & Answer

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Answer 4

Question

Chapter 25, Problem 25.1.8PA

Subpart (a):

To determine

German tribes in the medium of exchange.

Subpart (b):

To determine

German tribes in the medium of exchange.

Subpart (c):

To determine

German tribes in the medium of exchange.

Expert Solution & Answer

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Answer 5

Chapter 25, Problem 25.1.8PA

Subpart (a):

To determine

German tribes in the medium of exchange.

Subpart (b):

To determine

German tribes in the medium of exchange.

Subpart (c):

To determine

German tribes in the medium of exchange.

Answer 6

Chapter 25, Problem 25.1.8PA

Subpart (a):

To determine

German tribes in the medium of exchange.

Answer 7

Chapter 25, Problem 25.1.8PA

Subpart (a):

To determine

German tribes in the medium of exchange.

Answer 8

Subpart (b):

To determine

German tribes in the medium of exchange.

Answer 9

Subpart (b):

To determine

German tribes in the medium of exchange.

Answer 10

Subpart (c):

To determine

German tribes in the medium of exchange.

Answer 11

Subpart (c):

To determine

German tribes in the medium of exchange.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 25 - Prob. 25.1.1RQ Ch. 25 - Prob. 25.1.2RQ Ch. 25 - Prob. 25.1.3RQ Ch. 25 - Prob. 25.1.4RQ Ch. 25 - Prob. 25.1.5PA Ch. 25 - Prob. 25.1.6PA Ch. 25 - Prob. 25.1.7PA Ch. 25 - Prob. 25.1.8PA Ch. 25 - Prob. 25.1.9PA Ch. 25 - Prob. 25.1.10PA

German tribes in the medium of exchange.

Solution Summary: The author explains that the Roman coins could have provided the German tribes with a medium of exchange because they bought and sold goods and services.

German tribes in the medium of exchange.

German tribes in the medium of exchange.

German tribes in the medium of exchange.

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Chapter 25 Solutions