During the Late 19th Century, the U

question 158

Short Answer

During the late 19th century, the U.S. price level fell. This unexpected increase in the real cost of borrowing caused wealth to be redistributed from _____ to _____.

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Definitions:

Signature

A person's name written in a distinctive way as a form of identification in authorizing a document.

Time Draft

A type of financial instrument that allows the payer to delay payment until a specified future date, as indicated on the draft.

Sight Draft

A financial document that demands payment on presentation to the drawee.

Promissory Note

A financial document in which one party promises to pay another party a specified sum of money at a specified time.