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ECO 4223 Exam with Verified Solutions
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ECO 4223 Exam with Verified Solutions money A commonly accepted medium of exchange Common function of money Medium of exchange (necessary, but not sufficient) Store of value (necessary, but trivial) Unit of account (unnecessary) State Theory of Money Maintains that money was created by government. Some chartalists define money as a government-issued token. Others define money conventionally, but see money as a creature of the state Tools governments use to determine medium of exchange Public receivability Legal tender status Directed money laws Ban alternatives Inside money (Bank money) - a claim to some other asset that is used to make payments
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ECO 4223
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ECO 4223
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eco 4223 exam with verified solutions
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money a commonly accepted medium of exchange comm
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