The Initial Development of Paper Money Began When People Used

question 112

Multiple Choice

The initial development of paper money began when people used ____ as payment for goods and services.

• A)credit cards 
• B)commodity money 
• C)goldsmith receipts 
• D)gold bullion 
• E)gold coins

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Definitions:

Cost Function

A mathematical expression that calculates the total cost of producing a certain number of goods or services.

Market Demand

The aggregate quantity of a good or service that all consumers in a market are willing and able to purchase at different prices.

Stackelberg Leader

The Stackelberg leader refers to the dominant firm in a duopoly that makes its production decision first, thereby influencing the market actions of the following competitor.

Marginal Cost

The extra charge incurred upon the production of an additional good or service unit.