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- What are the advantages of an economy using money as opposed to a barter system of exchange?The use of money as a medium of exchange represents the most important service that money renders. True or FalseQ.1.2 Money as a medium of exchange consists of: (1) Demand deposits; (2) Debit cards; (3) Credit cards; (4) Cheques.
- If you write a cheque on a bank in Saskatoon to purchase a new Nissan Murano, you are employing money as: Multiple Choice . a)all of these answers are true. b)a medium of exchange. c)a store of value. d)a unit of account.You can walk into any department store and compare prices on jeans. Which of the following functions of money allow for this? A) Unit of Account B) Store of Value C) Medium of Exchange D) Durability of CurrencyMONETARY INSTITUTIONS (chapter 17) What are the inherent disadvantages of a barter system? Note: please do not give a copy & paste answer from Chegg. or course hero
- 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.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?How does money overcome the problem of barter system explain?
- What are two advantages and one disadvantages of using cash as THE MAIN medium of exchange?Kevin has saved $30 per week to buy a new Blu-Ray player. He compares two different models: a Panaview that is priced at $130 and a Zony model that is priced at $140. Kevin decides to purchase the Zony Blu-Ray player for $140. Identify what role money plays in each of the following parts of the story. Hint: Select each role only once. Role of Money Medium of Exchange Unit of Account Store of Value Kevin can easily determine that the Panaview model has a lower price than the Zony model. Kevin saved $30 per week. Kevin pays $140 for the Blu-Ray player.Money overcomes the problem of a double coincidence of wants inherent in the barter system through its function as a
