This topic contains a solution. Click here to go to the answer

Author Question: Commodity money is money that: a. has no value as a commodity. b. is not backed by gold or silver ... (Read 183 times)

Ebrown

  • Hero Member
  • *****
  • Posts: 567
Commodity money is money that:
 a. has no value as a commodity.
  b. is not backed by gold or silver and is not a legal tender.
  c. may go out of circulation with an increase in its intrinsic value.
  d. always has a face value greater than the intrinsic value.
  e. is solely used in barter exchanges.

Question 2

In the three months before a 1 per pack cigarette tax took effect in Alaska, smokers bought 175 million more cigarettes than during the same period a year earlier. What explains this behavior by consumers?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jennafosdick

  • Sr. Member
  • ****
  • Posts: 345
Answer to Question 1

c

Answer to Question 2

The increase of 1 per pack is pretty significant given the price of cigarettes. Many smokers may have decided that the best way to save money would be to stockpile cigarettes before the expected tax increase took effect. So an expectation of a price increase in the near future caused the current demand curve for cigarettes to shift to the right (an increase in demand).




Ebrown

  • Member
  • Posts: 567
Reply 2 on: Jun 30, 2018
Wow, this really help


xoxo123

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

For a complete list of videos, visit our video library