Question

In: Economics

QUESTION 1 The authors of the text argue that money may well be the most important...

QUESTION 1

  1. The authors of the text argue that money may well be the most important invention of all time.

True

False

1 points   

QUESTION 2

  1. With money, an economy with 1000 items will have about 5,000 separate prices.

True

False

1 points   

QUESTION 3

  1. After the collapse of the Soviet Union, their money – the ruble – experienced severe deflation.

True

False

1 points   

QUESTION 4

  1. When we say that money serves as a measure of economic value we are recognizing that it is a medium of exchange.

True

False

1 points   

QUESTION 5

  1. Cigarettes were useful as money in some circumstances, in part because they have a relatively high value-to-weight ratio.

True

False

Solutions

Expert Solution

Rahul Sunny answered 1 year ago
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