If P represents the price of a basket of goods measured in money, then it follows that 1/P is the value of $1 measured in nominal dollars. O True O False
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- Supposeyouhave$200,000inabanktermaccount.Youearn5%interestper annum from this account. You anticipate that the inflation rate will be 4% during the year. However, the actual inflation rate for the year is 6%. Calculate the impact of inflation on the bank term deposit you have and examine the effects of inflation in your city of residence with attention to food and accommodation expenses.9 An item that is used as money, but which also has value from its use as something other than money is .The concept of equivalence helps in understanding how different sums of money at different times are equal in economic terms Select one: O True O False
- My son is saving his allowance and chore money to buy a new bicycle. Which function of money is he utilizing? O standard of deferred payment. unit of account. O medium of exchange. store of value.1. Supposeyouhave$200,000inabanktermaccount.Youearn5%interestper annum from this account.You anticipate that the inflation rate will be 4% during the year. However, the actual inflation rate for the year is 6%.Calculate the impact of inflation on the bank term deposit you have and examine the effects of inflation in your city of residence with attention to food and accommodation expenses.2. TheAustralianBureauofStatistics(ABS)reportedinMay2017thatthecivilian population in Australia over 15 years of age was 20.8 million.Of this population of 20.8 million Australians, 13.5 million were employed and 0.7 million were unemployed.Calculate Australia’s labor force and the number of people in the civilian population who were not in the labor force? Also, with examples examine the causes of structural unemployment in Australia.2. When you discover a $20 bill in your coat pocket that you placed there last winter, you find you were unexpectedly using money as a O medium of exchange. store of value. unit of account. factor of production.
- The characteristic of money as a store of value implies: a. Money will remain valuable from one day to the next O b. None of the Above O C. Money allows us to quote prices and record debt O d. Money is acceptable as payment for goods and servicesCOVID-19 has resulted in many persons being unable to work and has led to a decrease in economic activity in the Caribbean and the rest of the world. (a) Carefully explain and illustrate uusing a agraph the effect of this decrease in economic activity on the money market.When inflation is high, money will lose its ability to function as a unit of account. Select one: O True OFalse
- Explain how productivity, demand, and availability/supply affect the values attached to money payments7. Saving to withdraw represents this function of money: A: commodity money B: medium of exchange C: store of value D: fiat money E: unit of accountMoney is considered to be commodity or unit of exchange? What arethe important functions of money explain briefly? How to relate it with yourPakistani society?