
Macroeconomics 9th Edition by David Colander
Edition 9ISBN: 978-0077501860
Macroeconomics 9th Edition by David Colander
Edition 9ISBN: 978-0077501860 Exercise 40
Economist Michael Bryan reports that on the island of Palau, the Yapese used stone disks as their currency.he number of stones in front of a person's house denoted how rich he or she was.
a.ould you expect these stones to be used for small transactions
b.n Irish-American trader, David O'Keefe, was shipwrecked on the island, and thereafter returned to the island with a boatload of stones.f they were identical to the existing stones, what would that do to the value of the stones
c.f O'Keefe's stones could be distinguished from the existing stones, how would that change your answer to b
d.n anthropologist described the stones as "a memory of contributions"-the more stones a person has, the more that person has contributed to the community.ould the same description be used to describe our money
a.ould you expect these stones to be used for small transactions
b.n Irish-American trader, David O'Keefe, was shipwrecked on the island, and thereafter returned to the island with a boatload of stones.f they were identical to the existing stones, what would that do to the value of the stones
c.f O'Keefe's stones could be distinguished from the existing stones, how would that change your answer to b
d.n anthropologist described the stones as "a memory of contributions"-the more stones a person has, the more that person has contributed to the community.ould the same description be used to describe our money
Explanation
(a) For undertaking small transactions, ...
Macroeconomics 9th Edition by David Colander
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