Question

In Book 23 of Homer's Iliad are these words: "The winner was to acquire a fire-straddling tripod valued at twelve oxen by the Akhaians. As for the loser, in their midst Akhilleus placeda woman versatile at crafts, whose value was four oxen." What does this passage tell us about economics in the Iliad? A.Oxen were used as the unit of account.B. Oxen were used as the medium of exchange.C. Oxen were the best way to store wealth.D. Oxen were used as legal tender

Answer 1

A) Oxen were used as the unit of account.

Step-by-step explanation:

The four main functions of money are:

1. Medium of exchange: money can be used to exchange for other goods.
2. Unit of account: money can represent the value of goods. In this case the oxen served as a measure of the value of goods.
3. Standard of deferred payment: money can enable lending and borrowing since it can facilitate exchange over time.
4. Store Value: at least in the short term, money must be able to hold its value.