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![[11] The invention of coins made the use of ,
in exchanges less common.
gold and silver
money
weight scales
None of the above.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e129dc4-800d-4987-af0c-1eff89de2e6d%2F23946278-e95c-43c4-9044-5a9f7fd3c2f6%2Fk1qe6xf_processed.jpeg&w=3840&q=75)
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- Why were people in the United States in the nineteenthcentury sometimes willing to be paid by check ratherthan with gold, even though they knew there was a possibility that the check might bounce?. Three goods are produced in an economy by three individuals:Good ProducerApples Orchard ownerBananas Banana growerChocolate ChocolatierIf the orchard owner likes only bananas, the bananagrower likes only chocolate, and the chocolatier likesonly apples, will any trade between these three personstake place in a barter economy? How will introducingmoney into the economy benefit these three producers?2. 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.
- The following report is the amount of various currencies on December 31, 2015 owned by Jordan Exchange Company, as shown below Student Name Student ID EXI D Jordan Exchange Company Currencies Report at December 31, 2015 Currency Existing Quantity Purchasing Price Market Price Value of Existing Currency In JD at: Purchase Price Market Price Lower Price US Dollar 50000 0.709 0.708 222 999 British Pound 20000 0.99 1.01 999 227 Australian Dollar 15000 0.515 0.52 ??? 222 292 Euro 5000 0.769 0.768 Required: 1. Create a new work sheet (Currencies), and enter previous data in it. 2. Insert necessary equations in the related cells to calculate the value of existing currencies in JOD at purchase price and market prices. 3. Use (IF) function to calculate the value of existing currencies in JOD at lower of purchase or market price.Money overcomes the problem of a double coincidence of wants inherent in the barter system through its function as a O A. medium of exchange B. unit of account standard of deferred payment O D. store of valueMoving to the next question prevents changes to this answer. Question 18 Say's Law applies only in a: O a. Money economy because of paper currency O b. To an economy based on the Gold Standard O c. Barter economy because Qd tends to equal Qs in the long-run d. Money economy because excess money can occur due to investments and savings
- 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…Answer all other wise i dounvote..i know barteby policy3. What are the inherent disadvantages of a barter system?
- Which of the following statements is true? O The necessary condition required for money to function as a medium of exchange is that it also needs to be a store of value. O The hours of labor that go into producing a product are a better unit of account than paper money. OOne of the limitations of using money is that it does not allow for the transfer of purchasing power into the future. OWhen money is used as a yardstick to describe the price of various goods and services, it serves as a store of value.The evolution of the payments system from barter to commodity money, then to fiat money, then to electronic money can best be understood as a consequence of: O a. government regulations designed to improve the efficiency of the payments system O b. competition among firms to make it easier for customers to purchase their products O c. government regulations designed to promote the safety of the payments system. O d. innovations that reduced the costs of exchanging goods and services.3. Mike makes excellent cheesecake and Sue is very good at changing the oil in a car. Sue agrees to change the oil in Mike’s car if he makes her a cheesecake. This is an example of: legal tender. barter commodity money. fiat money.
