In Explaining the Evolution of Money

question 69

Multiple Choice

In explaining the evolution of money

• A)government regulation is the most important factor.
• B)commodity money,because it is valued more highly,tends to drive out paper money.
• C)new forms of money evolve to lower transaction costs.
• D)paper money is always backed by gold and therefore more desirable than checks.

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Definitions:

Explicit Knowledge

The more objective, rational, and technical types of knowledge.

Tacit Information

Knowledge that is understood or learned through experience rather than being explicitly mentioned or taught.

Explicit Information

Clear and direct information that is fully articulated and expressed without the need for inference or interpretation.

Tacit Knowledge

The cumulative store of subjective or experiential learning, which is highly personal and hard to formalize.