Question lets find out what counts as money in this chapter, Ask an Expert

Economics

Question: Let's find out what counts as money. In this chapter, we used a typical definition of money: "a widely accepted means of payment." Under this definition, are people using "money" in the following transactions? If not, why not?

a. Lucy sells her Saab to Karen for $1,000 in cash.

b. Lucy sells her Saab to Karen for $1,000 worth of old Bob Dylan records.

c. Lucy sells her Saab to Karen for $1,000 in checking account balances (transferred by writing a check).

d. Lucy sells her Saab to Karen by Karen promising $1,000 worth of auto detailing services over the next year.

e. Lucy sells her Saab to Karen for $1,000 worth of Revolutionary War-era continental dollars.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92661570

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