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Question 1 (a) How well do currency and bank deposits perform the functions of money? The term money means a medium of exchange, used for the settlement of transactions and the payment of debt (Crane, Fraser and Martin, 2001: 37). There are four functions of money (Crane, Fraser and Martin, 2001: 37), currency and bank deposits are performing those functions: * Medium of exchange It is the most essential and sole function of money. It covers anything that is normally accepted by the public in payment for goods and services and discharge of debts. Both Currency and bank deposit can perform this function well. People usually use currency for small value transaction of goods and services. For example, when people buy pizza in the fast-food shop, they would use their cash to pay it. When they dealing higher value transaction of goods and services, they might prefer choose bank deposit as payment instrument. For example, people...

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