You visit a tropical island that has only four goods in its economy oranges, pineapples, coconuts
Question:
a. Draw a grid showing all the prices for this economy. (You should check your answer using the n(n-1)/2 formula where n is the number of goods.)
b. An islander suggests designating oranges as the means of payment and unit of account for the economy. How many prices would there be if her suggestion were followed?
c. Do you think the change suggested in part b is worth implementing? Why or why not?
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a There would be six prices in total Oranges Pineapples Coconuts Bananas Orang...View the full answer
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Related Book For
Money Banking and Financial Markets
ISBN: 978-0078021749
4th edition
Authors: Stephen Cecchetti, Kermit Schoenholtz
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