The Goldsmith's Ability to Create Money Was Based on the Fact

question 177

Multiple Choice

The goldsmith's ability to create money was based on the fact that:

• A)gold receipts were rarely exchanged for gold.
• B)the goldsmith was required to keep 100 percent gold reserves.
• C)consumers preferred to use gold for transactions.
• D)withdrawals of gold tended to exceed deposits of gold.

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Definitions:

Federal Legislation

Laws enacted by the national government of a country, particularly referring to those passed by the United States Congress.

State Laws

Legislation that is passed by individual states rather than the federal government, affecting various aspects of life within that state.

Employment Relationships

The professional relationship between an employer and its employees, including rights, responsibilities, and obligations.

National Labor Relations Act

A foundational statute in United States labor law that guarantees the rights of private sector employees to organize into trade unions, engage in collective bargaining, and take collective action such as strikes.