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Unformatted text preview: viii) Compare modern digital forms of money (e.g. electronically stored chequing account balances) with the stone money used on the island of Yap. What are the similarities? ix) Across history, many agricultural commodities have been used as money. Milk, however, is a commodity that is never used as money. Explain why this is the case. x) Explain how a centralized marketplace and good record keeping technology reduces the problems of barter. xi) What is meant by money as memory? xii) What is the more important role of money: as a record of transactions or as a solution to the double coincidence of wants problem? Discuss. xiii) What is a monetary aggregate? Why do we have so many different ones? In general, what are the differences between different monetary aggregates?...
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- Fall '08
- Economics, Monetary economics, Explain, Real world example, modern digital forms