What was the first step in the evolution of money?
A) physical commodities
B) barter
C) pieces of paper representing claims on physical commodities
D) pieces of paper with no intrinsic value
Correct Answer:
Verified
Q47: What is the term for money that
Q48: Why are goldsmiths considered the forerunners of
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
Q53: Who were most likely the first bankers?
Q54: What happens to the purchasing power when
Q55: Which of the following is an important
Q56: Who were the original bankers?
A) seigniors
B) governments
C) savings and
Q57: How is the value of money determined?
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents