Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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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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In a less-developed economy, cattle is widely accepted as payment for goods and services. Nearly all goods and services are priced in terms of cattle; however, cows vary in quality, become less valuable with age, and are difficult to move over long distances. Which of the following functions of money do cattle provide? Select the two correct answers.
portability
uniformity
medium of exchange
unit of account
store of value
Which of the following statements represent a use of money that is not
consistent with its definition?
"I got some money at the ATM with my debit card,"
"I just used my credit card as money to buy a new television."
"I wrote a check on my deposit account to pay for dental services."
"I will accept either currency or gold as money for the purchase of my house."
Could corn be used as commodity money?
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- 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.arrow_forwardersonal 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 thatenergy bars have intrinsic value. Energy bars are an example ofcommodity money.arrow_forwardThink about the field you plan to go into, and imagine we lived in a society without money, which means we would require a barter system. What challenges would you face? How would these challenges impact your ability to choose what products and services you purchase, as well as what brand or provider you use for those services.arrow_forward
- In ancient Greece, why was gold a more likely candidate for use as money than wine?arrow_forwardBuying a cup of coffee with a dollar bill represents the use of money as aarrow_forwardAs early as the year 1000 CE, nigeria used silver and other metal coins as currency. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. In 1695, a private bank was granted the right to issue notes that were convertible to silver. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. After the collapse of this system, a few new systems were implemented, most of which also adopted the silver standard. In 1873, the nigerian currency was introduced, and it was directly convertible to gold. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. . For the next 100 years, the nigerian currency fell off and on the gold standard until it finally abandoned the gold standard for good in 1971. The nigerian currencyremained pegged to various other currencies until 1992, when it was allowed to float. Today, the nigerian currency follows the price of oil pretty…arrow_forward
- You got a birthday gift cars valued at $40.00 which lets you choose to spend on food delivery fees. You pay $ 15.50 on app that lets you get deliveries for 98 cents each. A) find the formula that gives the value of the card as a function of how many deliveries you have had. B) how many deliveries can you get before your birthday money is usedarrow_forwardBefore 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?arrow_forwardWould you consider Noodles or Cigarettes have become the new form of currency within the prison system for inmates? Why?arrow_forward
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