Suppose that you live in a simple farm economy where milk is accepted as the primary form

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Suppose that you live in a simple farm economy where milk is accepted as the primary form of money. Discuss the difficulties with using milk as money in regard to:
a. A medium of exchange
b. A unit of account
c. A store of value
d. A standard of deferred payment

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Money, Banking, and the Financial System

ISBN: 978-0134524061

3rd edition

Authors: R. Glenn Hubbard, Anthony Patrick O'Brien

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