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Econ 4th Edition by William McEachern
Edition 4ISBN: 978-1285423548Econ 4th Edition by William McEachern
Edition 4ISBN: 978-1285423548 Exercise 4
TYPES OF MONEY Complete each of the following sentences:
a. A product that serves both as money and as a commodity is _______.
b. Most coins and all paper money circulating in the United States have face values that exceed the value of the materials from which they are made. Therefore, they are forms of _______.
c. If the government declares that creditors must accept a form of money as payment for debts, the money becomes _______.
d. A common unit for measuring the value of every good or service in the economy is known as a(n) _______.
a. A product that serves both as money and as a commodity is _______.
b. Most coins and all paper money circulating in the United States have face values that exceed the value of the materials from which they are made. Therefore, they are forms of _______.
c. If the government declares that creditors must accept a form of money as payment for debts, the money becomes _______.
d. A common unit for measuring the value of every good or service in the economy is known as a(n) _______.
Explanation
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a. In the barter system, commodity money...
Econ 4th Edition by William McEachern
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