The Currency of Camelot Is the Noble

question 50

Multiple Choice

The currency of Camelot is the noble.King Arthur orders the minting of a ten-noble gold coin,but it costs only seven nobles to mine and process the amount of gold in the coin.Which of the following statements is true?

• A)Individuals outside the government will have an incentive to melt down the coin and use its contents,rather than its face value,in exchange.
• B)King Arthur has an incentive to melt down the coin and use its contents,rather than its face value,in exchange.
• C)The government loses seigniorage every time it spends new coins.
• D)The government earns seigniorage every time it spends new coins.
• E)The people of Camelot gain seigniorage on every private transaction.

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