Bank notes created by a goldsmith in a fractional reserve system were
A) not backed by anything of value
B) commodity money,since they were backed by gold
C) not commodity money fully,since not all the gold was there
D) representative of commodity money
E) fiat money
Correct Answer:
Verified
Q47: Fiat money is backed by:
A)gold or silver.
B)fractional
Q57: Money is legal tender if:
A)people willingly accept
Q58: Fractional reserve banking occurs when:
A)a bank has
Q70: The first bankers were probably
A)carpenters
B)stock brokers
C)goldsmiths
D)sea captains
E)grain
Q72: When prices rise,
A)the purchasing power of money
Q74: The value of money is fundamentally determined
Q78: Mary Ellen deposits $100 into her savings
Q79: In the world of banking,checks are
A)written instructions
Q80: Suppose that partners Kemp and Sam open
Q101: Paper money is a good example of
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