Homework Help: Macroeconomics

Posted by Shane on Wednesday, October 13, 2010 at 1:16am.

Durring the late 1970's prices quoted in terms of the Israeli currency, the shekel, rose so fast that the grocery stores listed their prices in terms of the U.S. dollar and provided customers with the dollar-shekel conversion tables that they updated daily. Although people continued to buy goods and services and make loans using shekels, many Israeli citizens converted shekels to dollars to avoid a reduction in their wealth due to inflation. In what way did the U.S. dollar function as money in Israel during this period?

Macroeconomics - Ms. Sue, Wednesday, October 13, 2010 at 11:00am
The U.S. dollar was the standard currency in Israel.

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