So I just got back from Edison after taking my macroeconomics final exam. I noticed a problem with one of the questions on the test that read:
Which of the following can be used as money?
a. Papayas
b. Whale's Teeth
c. Gold
d. All of the above
The answer was obviously d. but technically gold's intrinsic value exceeds its face value which would mean that gold would cease to function as money. Correct me if I'm wrong but doesn't that mean that gold could not be used as money? Well either way I got the question right, let me know your thoughts!
anything that can be given value and measured really can be used as money. technically its currency on the fact it can be measured and used to trade.
ReplyDeleteTrue that, I guess it can be used as money. It just wouldn't be very efficient seeing on how it is a scarce precious metal.
ReplyDelete