Problem
1. (Characteristics of Money) Why is universal acceptability such an important characteristic of money? What other characteristics can you think of that might be important to market participants?
2. (Commodity Money) Why do you think rice was chosen to serve as money in medieval Japan? What would happen to the price level if there was a particularly good rice harvest one year?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.