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

question 228

Multiple Choice

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

• A) withdrawals of gold tended to exceed deposits of gold in any given time period.
• B) consumers and merchants preferred to use gold for transactions, rather than paper money.
• C) the goldsmith was required to keep 100 percent gold reserves.
• D) paper money in the form of gold receipts was rarely redeemed for gold.

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Definitions:

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Second World War

A worldwide war that occurred between 1939 and 1945, engaging the majority of the globe's countries, among them all the major powers, which ultimately divided into two rival military factions: the Allies and the Axis.

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A social construct related to the identification and perception of white racial identity, often associated with societal privilege.

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The set of ideas, activities, and values that are shared by the majority of people in society, disseminated through mass media and consumerism.