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Chapter 3: Q. 10 (page 111)

In ancient Greece, why was gold a more likely candidate for use as money than wine?

Short Answer

Expert verified

Gold is more store of value than wine

Step by step solution

01

Step 1. Introduction

Money aids in the facilitation of trade. Buyers and sellers agree on the value of money, making it a means of exchange. Money can lose its value during periods of hyperinflation, which occur when an economy is flooded with too much money.

02

Step 2. Explanation

Wine is both more difficult and perishable than gold. As a result, gold is a greater store of value than wine, with lower transaction costs. As a result, it is a better candidate for usage as currency.

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Most popular questions from this chapter

Which of the Federal Reserve鈥檚 measures of the monetary aggregates鈥擬1 or M2鈥攊s composed of the most liquid assets? Which is the larger measure?

Why were people in the United States in the nineteenth century sometimes willing to be paid by check rather than with gold, even though they knew there was a possibility that the check might bounce?

Go to http://www.federalreserve.gov/releases/h6/Current/.

a. What have been the growth rates of M1 and M2 over the past 12 months?

b. From what you know about the state of the economy, do these growth rates seem expansionary or restrictive?

Go to the St. Louis Federal Reserve FRED database, and find data on small-denomination time deposits (STDSL), savings deposits and money market deposit accounts (SAVINGSL), and retail money market funds (RMFSL). Calculate the percentage change of each of these three components of M2 (not included in M1) from the most recent month of data available to the same time one year prior. Which component has the highest growth rate? The lowest growth rate? Repeat the calculations using the data from January 2000 to the most recent month of data available, and compare your results. Use your answers from question 1 to determine which grew faster: the non-M1 components of M2, or the M1 money supply.

It is not unusual to find a business that displays a sign saying 鈥渘o personal checks, please.鈥� On the basis of this observation, comment on the relative degree of liquidity of a checking account versus currency
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