Question

In many casinos, a person buys chips to use for gambling. Within the casino's walls, customers often can use these chips to buy food and drink or even a hotel room. Do chips in a gambling casino serve all three functions of money?

a) Yes
b) No
c) Yes, but only within the casino
d) No, they only serve as a medium of exchange within the casino

Can you name some item that is a store of value, but does not serve the other functions of money?
a) Gold
b) Stocks
c) Real estate
d) Antiques

Answer 1

Chips in a gambling casino serve all three functions of money within the casino. Some items that are a store of value include gold, stocks, real estate, and antiques.

Step-by-step explanation:

In many casinos, chips serve all three functions of money as long as you remain within the casino's walls:

1. Medium of exchange: Customers can use chips to buy food, drinks, or a hotel room within the casino.
2. Unit of account: The value of goods and services within the casino is measured in chips.
3. Store of value: Chips hold value and can be used for future purchases or gambling.

Some example items that are a store of value but do not serve the other functions of money include gold, stocks, real estate, and antiques.