When the Receipts Given by Goldsmiths to Depositors Were Used

question 170

Multiple Choice

When the receipts given by goldsmiths to depositors were used to make purchases,

• A) the gold standard was created.
• B) existing banking laws were violated.
• C) the receipts became in effect paper money.
• D) a fractional reserve banking system was created.

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Definitions:

United States

The United States is a federal republic in North America, comprised of 50 states, known for its significant influence on global politics, economy, and culture, and for its leadership in democratic values.

Berlin Uprising

A major revolt in East Berlin in 1953 by workers and citizens against the government of the German Democratic Republic (East Germany), brutally suppressed by Soviet forces.

East German Government

The government of the German Democratic Republic (East Germany), a socialist state that existed from 1949 to 1990, aligned with the Soviet bloc.

Consumer Goods

Products and services that are bought for personal or household use.