Early goldsmiths earned income by keeping deposits of coins and gold for safekeeping and issuing receipts for these deposits. From the point of view of the goldsmiths, these receipts were
A) assets
B) wealth
C) liabilities
D) income
Correct Answer:
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Q25: State and explain the meaning of the
Q26: To qualify as "money," a commodity must
A)
Q27: Precious metals have several virtues as a
Q28: A major step in the evolution of
Q29: Today paper money
A) can only be issued
Q31: From the point of view of depositors,
Q32: Goldsmiths became bankers when they created money.
Q33: What is a bank panic?
A) Bankers become
Q34: The availability of credit makes an economy
Q35: What is the prime rate?
A) It is
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