The prisoner-of-war camp described by Radford (A Closer Look 7.1) periodically received large shipments of cigarettes from
Question:
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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a New cigarettes mean an increase in the money supply Wit...View the full answer
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Related Book For 
Macroeconomics
ISBN: 978-0321675606
6th Canadian Edition
Authors: Andrew B. Abel, Ben S. Bernanke, Dean Croushore, Ronald D. Kneebone
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