Why are goldsmiths considered the forerunners of modern banks?
A) because they had safes to keep gold secure
B) because they issued gold coins
C) because they created money by lending out gold reserves
D) because they created legal tender
Correct Answer:
Verified
Q43: In the world of banking, what are
Q44: Mary-Ellen deposits $100 per month into her
Q45: Which of the following is legal tender
Q46: How is the value of money fundamentally
Q47: What is the term for money that
Q49: When is money considered to be legal
Q50: What is fiat money backed by?
A) gold
Q51: When does fractional reserve banking occur?
A) when
Q52: What was the first step in the
Q53: Who were most likely the first bankers?
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