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Economist: Money, no matter what its form and in almost

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Economist: Money, no matter what its form and in almost  [#permalink]

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New post 17 Jun 2017, 07:42
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Economist: Money, no matter what its form and in almost every culture in which it has been used, derives its value from its scarcity, whether real or perceived.

Anthropologist: But cowrie shells formed the major currency in the Solomon Island economy of the Kwara'ae, and unlimited numbers of these shells washed up daily on the beaches to which the kwara'ae had access.

Which one of the following, if true about the Kwara'ae, best serves to resolve the apparently conflicting positions cited above?

(A) During festivals they exchanged strings of cowrie-shell money with each other as part of a traditional ritual that honored their elders.

(B) They considered porpoise teeth valuable, and these were generally threaded on strings to be worn as jewelry.

(C) The shells used as money by men were not always from the same species of cowrie as those used as money by women.

(D) They accepted as money only cowrie shells that were polished and carved by a neighbouring people, and such shell preparation required both time and skilled labor.

(E) After Western traders brought money in the form of precious-metal coins to the Solomon Islands. Cowrie-shell money continued to be used as one of the major media of exchange for both goods and services.

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Re: Economist: Money, no matter what its form and in almost  [#permalink]

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New post 17 Jun 2017, 08:34
D real scarcity of carved cowrie shells

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Re: Economist: Money, no matter what its form and in almost  [#permalink]

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New post 15 Dec 2017, 21:05
broall wrote:
Economist: Money, no matter what its form and in almost every culture in which it has been used, derives its value from its scarcity, whether real or perceived.

Anthropologist: But cowrie shells formed the major currency in the Solomon Island economy of the Kwara'ae, and unlimited numbers of these shells washed up daily on the beaches to which the kwara'ae had access.

Which one of the following, if true about the Kwara'ae, best serves to resolve the apparently conflicting positions cited above?

(A) During festivals they exchanged strings of cowrie-shell money with each other as part of a traditional ritual that honored their elders.

(B) They considered porpoise teeth valuable, and these were generally threaded on strings to be worn as jewelry.

(C) The shells used as money by men were not always from the same species of cowrie as those used as money by women.

(D) They accepted as money only cowrie shells that were polished and carved by a neighbouring people, and such shell preparation required both time and skilled labor.

(E) After Western traders brought money in the form of precious-metal coins to the Solomon Islands. Cowrie-shell money continued to be used as one of the major media of exchange for both goods and services.


Answer D -- Although Cowrie shells are available in unlimited numbers on beaches , they need to be polished and carved before they can be used as currency .
Polishing and carving takes time --> reduces the availability of shells as currency
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Economist: Money, no matter what its form and in almost  [#permalink]

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New post 16 Jul 2018, 08:03
nightblade354 generis ammuseeru pikolo2510 gmatexam439 GMATNinja Harshgmat KarishmaB

Can anyone explain the contrast and if my understanding of highlighted text is correct?

Quote:
Economist: Money, no matter what its form and in almost every culture in which it has been used, derives its value from its scarcity, whether real or perceived.

OK, So as per economist: money derives its value when it is scare.
I CAN NOT ASSUME : money derives its value ONLY when it is scare.

Quote:
Anthropologist: But cowrie shells formed the major currency in the Solomon Island economy of the Kwara'ae, and unlimited numbers of these shells washed up daily on the beaches to which the kwara'ae had access.

Anthopologist disagrees, saying that cowrie shells formed the major currency in the Solomon Island economy of the Kwara'ae
(so before reading further, I am assume he will say: why these shells need to be ABUNDANT, since had shells been
short in resouces, then they CAN be a part of major currency and is in line with Economist. The BUT is crucial here.)
Anthropologist says unlimited (very huge) number of shells got washed away on beaches.

I am skeptic about my italic understanding and need validation of the same.
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Economist: Money, no matter what its form and in almost  [#permalink]

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New post 16 Jul 2018, 08:12
adkikani,

Simply, the statement is that we have unlimited shells, yet shells have value. Where is the gap? Unlimited should mean worthless. So how do rectify this? We have (D), which says that it takes time and energy to create valuable shells that can be used to trade with. Therefore, this must be our solution.

Does this help?
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Re: Economist: Money, no matter what its form and in almost  [#permalink]

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New post 17 Jul 2018, 12:15
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adkikani wrote:
nightblade354 generis ammuseeru pikolo2510 gmatexam439 GMATNinja Harshgmat KarishmaB

Can anyone explain the contrast and if my understanding of highlighted text is correct?

Quote:
Economist: Money, no matter what its form and in almost every culture in which it has been used, derives its value from its scarcity, whether real or perceived.

OK, So as per economist: money derives its value when it is scare.
I CAN NOT ASSUME : money derives its value ONLY when it is scare.

Quote:
Anthropologist: But cowrie shells formed the major currency in the Solomon Island economy of the Kwara'ae, and unlimited numbers of these shells washed up daily on the beaches to which the kwara'ae had access.

Anthopologist disagrees, saying that cowrie shells formed the major currency in the Solomon Island economy of the Kwara'ae
(so before reading further, I am assume he will say: why these shells need to be ABUNDANT, since had shells been
short in resouces, then they CAN be a part of major currency and is in line with Economist. The BUT is crucial here.)
Anthropologist says unlimited (very huge) number of shells got washed away on beaches.

I am skeptic about my italic understanding and need validation of the same.



Dear adkikani,

You are right about BUT being important. Anthropologist simply stating that there is abundance of cowries is sufficient to have valid argument.

why these shells need to be ABUNDANT - This may or may not necessarily be stated.

Once Anthropologist states (a) cowrie shells formed the major currency in the Solomon Island economy and (b) Such shells are abundant

He has taken stand against Economist - Who has taken position that money derives its value when it is scare (real or perceived)

Also this might interest you wrt highlighted sentence by you -

wash up - if the sea washes something up somewhere, it carries it and leaves it there

Eg :Two whales have been washed up on the beach.

https://www.macmillandictionary.com/dic ... sh/wash-up


wash away - if something such as rain or a river washes something away, it carries it away

Eg : Heavy rains have washed away the bridge

https://www.macmillandictionary.com/dic ... /wash-away

Hope this helps :thumbup:
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Re: Economist: Money, no matter what its form and in almost   [#permalink] 17 Jul 2018, 12:15
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