Last Updated on 01/21/2023 by Sophia
Consider how the following situations would affect the economy’s monetary system.
a. Suppose that the people on Yap discovered an easy way to make limestone wheels. How would this development affect the usefulness of stone wheels as money? Explain.
b. Suppose that someone in the United States discovered an easy way to counterfeit $100 bills. How would this development affect the U.S. monetary system? Explain.