True or false:
For each of the statements, determine whether it is true or false, then explain in a few sentences why that is the answer. Note: no marks will be given for answers that do not include an explanation.
1. If money stops being a reliable store of value, then it ceases to be useful as a medium of exchange.
2. The gold standard is an improvement over actual gold coinage because it allows the government/central bank to control the nominal supply of money.
3. In the AD-AS model of chapters 9-10, the short-run aggregate supply curve is horizontal because output is supply-determined in the short run.