Mary Chestnut reported in her diary that, during the Civil War, she became much less willing to hold "'Confederates," currency issued by the Confederate State of America. Assuming that this change in preferences was widespread in the South, it suggests

Question

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When people are less willing to hold onto a currency, the demand for money decreases, and they spend it more quickly, leading to an increase in velocity.

Mary Chestnut Reported in Her Diary That, During the Civil