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Macroeconomics 11th Edition by Stephen Slavin
Edition 11ISBN: 978-0077641559Macroeconomics 11th Edition by Stephen Slavin
Edition 11ISBN: 978-0077641559 Exercise 61
Circle the letter that corresponds to the best answer. What led to the bankruptcy of many goldsmiths was that they __________.
A) had a reserve ratio that was too high
B) had a reserve ratio that was too low
C) lent out gold coins instead of receipts
D) lent out receipts instead of gold coins
A) had a reserve ratio that was too high
B) had a reserve ratio that was too low
C) lent out gold coins instead of receipts
D) lent out receipts instead of gold coins
Explanation
Verified
Verified
Initially the gold smiths started lendin...
Macroeconomics 11th Edition by Stephen Slavin
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