3 The prisoner-of-war camp described by Radford (Box 7.1) periodically received large shipments of cigarettes from the

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3 The prisoner-of-war camp described by Radford (Box 7.1) periodically received large shipments of cigarettes from the Red Cross or other sources.

a. How did cigarette shipments affect the price level (the prices of goods in terms of cigarettes) in the POW camp?

b. (More difficult) On some occasions the prisoners knew in advance when the cigarette shipments were to arrive. What happened to the demand for cigarette money and the price level in the camp in the days just before an anticipated shipment?

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Macroeconomics

ISBN: 126148

6th Edition

Authors: Andrew B. Abel, Ben S. Bernanke, Dean Croushore

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Question Posted: Nov 12, 2024 11:00 AM

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3 The prisoner-of-war camp described by Radford (Box 7.1) periodically received large shipments of cigarettes from the

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Macroeconomics

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