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Are credit cards and debit cards money? What's the difference between credit and debit cards?

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Neither credit cards nor debit cards are...

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Which statement best illustrates the unit of account function of money?


A) You list prices on your new restaurant menu in dollars.
B) You pay for your Toronto FC season tickets with dollars.
C) You keep $1000 in your safe for emergencies.
D) You sell your home for $750 000.

E) A) and D)
F) A) and C)

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What is current Canadian currency?


A) fiat money with intrinsic value
B) fiat money with no intrinsic value
C) commodity money with intrinsic value
D) commodity money with no intrinsic value

E) None of the above
F) B) and D)

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Suppose an economy has no money, and people use gold for all payments. a. Discuss the effects of economic growth (an increase in the amount of goods and services that the economy produces) on prices. b. What happens to prices when more gold becomes available, say due to new openings of gold mines? c. Who determines the economy's money supply? d Discuss the advantages and disadvantages of such a "gold standard" economy.

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a. If the amount of goods and services a...

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