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Inhabitants have been using giant stones as money
Course:- Microeconomics
Reference No.:- EM13688939





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8. For 2,000 years on the far away island of Yap in Micronesia, located in the Pacific Ocean, the inhabitants have been using giant stones as money (Note: this is a true story)
a) What are the functions of money? Can these stones fulfill all or partially the functions of money?
b) Because the stones are worthless when broken, the islanders leave the larger ones where they are and simply take note of the fact that ownership has changed. How is this similar to paying by checks?




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