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- 1. Name & explain the three advantages of a monetary economy.Which of the following is one of the most important benefits of money in a modern economy? A. Money encourages people to produce all of their own goods and therefore increases economic stability. B. Money allows for the accumulation of wealth. C. Money makes exchange easier, leading to more specialization and higher productivity. D. Money allows for the exchange of goods and services. E. Money is a unit of account which makes it easier to value all goods and services in dollars. QUESTION 9 Labor productivity is A. the quantity of capital one worker can produce in one day. B. the quantity of output produced by one worker or by one hour of work. C. the quantity of output produced in one hour by several workers. D. the quantity of capital produced by one worker or by one hour of work. E. the quantity of output produced in one hour by one machine.1. Explain how a society would be without monetary standard.
- Money is used as a means to make a payment, store of value (savings), and place value on goods and services most economist believe money contributes to economic growth and development by make it easier for people to complete their transactions. Barter is the exchange of goods and or services without the use of money. However, "if money did not exist we would invent it" as stated by some economists.What is the function of money?Discuss how money contributes to economic growth and\or development?If there is no money will society find a way to exchange goods and services without it? Explain.9 In the underwater city of Atlantis, clamshells are seen as a valid form of money. If a person from Atlantis were to magically appear in America and attempt to use their clamshells to a make a purchase, would they be able to? Why or why not? ECONOMIC QUESTION36. Investors in Bahrain are complaining that there is not enough credit that is being made available for them. Interest rates are low but still there are not many lenders of money who are willing to lend their money. What appropriate monetary policies can be implemented in this case? a.Decrease income taxes and increase government spending b.Increase cash reserve ratio and increase interest rates a little to encourage lenders c.Decrease cash reserve ratio and decrease interest rates a little to encourage lenders d.Decrease cash reserve ratio and increase interest rates a little to encourage lenders
- What is money, according to Adam Smith? Is it an economic instrument that creates wealth, or inequality? Describe 1 argument and make explicit reference to an idea from The Wealth of nations?Which of the following statements about money that is correct? A. Inflation brings a rising value of money. B. A work of art is an example of money because it can act as a store of value. C. Money is a completely stable store of value. D. Without a medium of exchange, goods and services must be exchanged directly for other goods and services.1. Some government bonds can be redeemed for currency or a check at banks. Why, then, isn't it universally agreed that government bonds are money? 2. Why can't food be used as a form of money? 3. What is a key advantage of money over other financial assets such as stocks, bonds, precious metals, or real estate?
- 3. Describe the important role played by money as a medium ofeconomic exchange.1. Describe how money contributes to economic activity and allows for a more complex society than barter does.3. The kinds of money Personal possession of currency is prohibited in U.S. prisons, although, in practice, prisoners still exchange goods and services. Until 2003, the year in which the U.S. government banned smoking in federal penitentiaries, cigarettes were the preferred medium of exchange among prisoners. One important difference between using cigarettes and using dollars as money is that have intrinsic value. Cigarettes are an example of money.