Suppose that you live in a simple farm economy where milk is accepted as the primary form
Question:
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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a Milk can be difficult to transport milk containers can break or ...View the full answer
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Related Book For
Money, Banking, and the Financial System
ISBN: 978-0134524061
3rd edition
Authors: R. Glenn Hubbard, Anthony Patrick O'Brien
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