Last Updated 20 Apr 2022

What would happen if currency in all countries had fewer denominations?

Category Currency, Poverty
Words 51 (1 page)
Views 27

Answered by Catherine Caldwell

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In this case, the variety of currencies and exchange rate would be unavailing, and only one currency could be entered. The monetary policy of all states would be interconnected, and if countries implement it independently, denominations in countries will become different, so such a phenomenon could be very short-lived.

What would happen if currency in all countries had fewer denominations? essay

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What would happen if there were fewer denominations of money?

All goods would be more expensive than they currently are. ANSWER: C) People could not charge as many different prices for goods. EXPLANATION: If a currency has fewer denominations, then it would be a problem to charge different prices for goods as the change will not be available.

What would happen if every country had its own currency?

In this case, the variety of currencies and exchange rate would be unavailing, and only one currency could be entered. The monetary policy of all states would be interconnected, and if countries implement it independently, denominations in countries will become different, so such a phenomenon could be very short-lived.

Why would people not be confused about the value of currencies?

People would not be confused about the value of currencies when there would be very few denominations available in all countries. This is because the value would be well-specified on the currency whose few denominations are available.

Why do producers charge different prices for different denominations of money?

When currencies in all countries would have fewer denominations, in that case, price-setters and producers cannot charge as many different prices for goods. This is because of a lack of change with consumers will pose a problem in charging any price by the producer.

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What would happen if currency in all countries had fewer denominations?. (2018, Mar 17). Retrieved from https://phdessay.com/what-would-happen-if-currency-in-all-countries-had-fewer-denominations/

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