The invention of money helped society get around the problem of ___________________________. A) specialization and exchange B) the double coincidence of wants of barter economies C) interrelated banking D) using commodities as mone
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The invention of money helped society get around the problem of ___________________________.
A) specialization and exchange
B) the double coincidence of wants of barter economies
C) interrelated banking
D) using commodities as money
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- Before the introduction of money, there was a system of trade called the barter trade. Discuss the importance of barter trade in relation to the time it existed.? Do you think barter trade in spite of the use of money today holds any value in modern times? What is money?In the circular-flow diagram, the goods markets are where:(a)The households purchase goods from firms;(b)Firms purchase goods from government;(c)Firms purchase goods from households;(d)The government purchases goods from households.Q.1.3Money overcomes the problem of a double coincidence of wants inherent in the barter system through its function as a: (a)unit of account.(b)store of value.(c)medium of exchange.(d)standard of deferred payment.Q.1.2 In the circular-flow diagram, the goods markets are where: (a) The households purchase goods from firms;(b) Firms purchase goods from government;(c) Firms purchase goods from households;(d) The government purchases goods from households. Q.1.3 Money overcomes the problem of a double coincidence of wants inherent in the barter system through its function as a:(a) unit of account.(b) store of value.(c) medium of exchange.(d) standard of deferred payment.Q.1.4 The ________ demand for money arises out of the need to hold money as a medium of exchange. This demand for money is a function of ________.(a) precautionary; interest rates(b) transactions; national income(c) speculative; interest rates(d) precautionary; national income
- does not support all öf 2 4 7. Describe three ways that human specialization contributes to society's output. doing, time, and differences 8. What advantage does a money economy have over a barter economy? 9. A firm has the choice between producing product A, B, or C. In producing the products the firm faces a weekly cost of $10 for product A, $130 for product B and $200 for product C. The prices received for each product at different quantities are listed in the table below. Product Product Product Profit Profit Profit Output A C A C $3.00 $15.00 $35.00 15 1.25 9.00 10.00 (а) (b) profit? Compute the firm's profit for A, B, and C and enter this data into the table. Which product will the firm choose to produce and how much output will maximize 10.Assume that a firm can produce product A, product B, or product C with the resources it currently Assume for the purposes of this emplovs These resources cost the firm a total of $100 per week 194% D 回 Type here to search PoUp PrtScn F8 Home…How does money overcome the problem of barter system explain?#28.The primary difference between commodity money and fiat money is that a fiat money is a medium of exchange but commodity money is not. b fiat money has intrinsic value but commodity money does not. c commodity money is a medium of exchange but fiat money is not. d commodity money has intrinsic value but fiat money does not.
- Discuss in detail that how different functions of money (for instance, mediumof exchange, a unit of account, etc.) help to solve problems of the barter economy.Before the introduction of money, there was a system of trade called the barter trade. Discuss the importance of barter trade in relation to the time it existed?Which of the following statements relates to the Medium of Exchange function of money? Money solves the double coincidence of wants. O Money allows us to lista single monetary price for goods and services. O Money allows individuals and households to save income. O Money facilities lending and borrowing.
- Gold and silver have been historically used as materials for making commodity money (coins) by many different human cultures throughout history. This was because they were difficult to obtain and less prone to rust than other metals. In other words, they could perform one of the functions of money better than other metals. Which function is that? Which function of money do gold and silver perform better than other metals? a. Unit of account b. Store of value c. Medium of exchange d. Standard of deferred payment2. Throughout history, gold has been used as a medium of exchange. Gold ingots, gold coins, gold bars, whatever. a. Why do you think other commodities were not used as a medium of exchange for the same length of time? For example, think about why diamonds were seldom used as money. b. Why do you think paper fiat currency replaced gold? c. Is there a transaction cost problem with paper money? If so, explain how. If not, explain why not.Throughout history, all sorts of interesting things have been used as money, including fresh fish and cattle. Fresh fish is not an effective form of money. What essential characteristic of money does fresh fish lack that most makes it ineffective? medium of exchange allocated by the government unit of account store of value stackablity Cattle is not an effective form of money. What essential characteristic of money does cattle lack that most makes it ineffective? unit of account stackability store of value allocated by the government medium of exchange