Question 6 15 pts [6] I work for a fishing firm, and I am paid in fish. I meet a person who wants to eat fish, so I trade him some fish in exchange for some apples. But I don't want to eat the apples; later in the day, I trade them for the strawberries I really want to eat. The first trade (fish for apples) O indicates that this economy uses fish as money. O indicates that this economy has a simple barter exchange system. O features a single coincidence of wants. O features a double coincidence of wants. Question 7 15 pts [7] Which of the following statements is not part of the definition of money that I presented in class? It is a commodity. It appears on one side of most transactions. It is stored for the purpose of future exchange. None of the above: that is, all of the above *are* part of the definition. Question 8 15 pts [8] In terms of making the exchange systems of economies more efficient, the single most important development probably was O division of labor. O markets. O indirect exchange. O bills of exchange. Question 9 15 pts [9] The fact the total amount a collection of goods is worth is measured in dollars is an example of the use of money as O a standard of value. O a medium of exchange. O a source of liquidity. All of the above. Question 10 15 pts [10] Gold and silver O derived their high value from the fact that they were used as money. O were used as money partly because of their high value. Both a and b are correct. Neither a nor b is correct