145. What are the qualities requisite in any commodity in order that it may serve as money?
146. Distinguish accurately between the functions of money.
147. How far is a fixed standard of value possible?
148. What effect does the great durability of gold and silver have upon the value of money?
149. How far does the law of demand and supply govern the value of money?
150. Explain fully how it is that the value of the precious metals is affected by “questions of quantity only, with little reference to cost of production.”
151. What is to be said to the following: “Some political economists have objected altogether to the statement that the value of money depends on its quantity combined with the rapidity of circulation; which, they think, is assuming a law for money that does not exist for any other commodity”?
152. Under what conditions is it true that the “value of money is inversely as its quantity”?
153. Explain carefully the following: “The average value of gold is made to conform to its natural value in the same manner as the values of other things are made to conform to their natural value.”
154. In what various meanings is the phrase “the value of money” used? How far does the value of money in each of these meanings depend on (1) the cost of production, (2) supply and demand?