Determine whether the following episodes involve full-bodied money, rep resentative full-bodied money, or fiat money: (a) During
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Determine whether the following episodes involve full-bodied money, repĀ¬ resentative full-bodied money, or fiat money:
(a) During World War II, prisoners of war used cigarettes as the medium of exchange and unit of account for chocolate candy, cookies, and other items,
(b) Yap islanders, tired of hauling around stone wheels as the medium of exchange, decided to use verbal acknowledgments of the ownership of stone wheels as the medium of exchange,
(c) The U.S. government decreed that its paper bills are legal tender for all debts, both public and private.
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Money Banking And Financial Markets An Economic Approach
ISBN: 9780395643952
1st Edition
Authors: Michael R. Baye, Dennis Jansen
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