You convene a committee, which has made the following suggestions: • Newly printed Libyan currency. • Euros • Old Libyan currency (the Dinar) • Quarter troy oz. gold bars • 100% silver Eisenhower dollars Rank these 5 assets according to the functions of money, i.e. which would be the best store of value, 2nd best store of value, 3rd best, etc. Rank these assets according to their ability to function in an advanced payments system with checks and credit cards. Make a final recommendation on the choice of a new currency.
You convene a committee, which has made the following suggestions: • Newly printed Libyan currency. • Euros • Old Libyan currency (the Dinar) • Quarter troy oz. gold bars • 100% silver Eisenhower dollars Rank these 5 assets according to the functions of money, i.e. which would be the best store of value, 2nd best store of value, 3rd best, etc. Rank these assets according to their ability to function in an advanced payments system with checks and credit cards. Make a final recommendation on the choice of a new currency.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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You convene a committee, which has made the
following suggestions:
• Newly printed Libyan currency.
• Euros
• Old Libyan currency (the Dinar)
• Quarter troy oz. gold bars
• 100% silver Eisenhower dollars
Rank these 5 assets according to the functions of
money, i.e. which would be the best store of value, 2nd
best store of value, 3rd best, etc.
Rank these assets according to their ability to
function in an advanced payments system with checks
and credit cards. Make a final recommendation on the
choice of a new currency.
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