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But in the 1700s, goldsmiths started to give people paper receipts for their gold. This led to the use of paper as a form of money, backed by gold, known as the gold standard. You could take your paper money into any bank and exchange it for its value in gold. This lasted until 1...
Commodity money, such as gold or silver, is vulnerable to volatility if the market for the underlying asset changes. For example, a currency backed by gold could see a sharp drop in purchasing power if the supply of gold suddenly increased due to new mining activity. Conversely, a change in...
expired different fiber mixes in their paper 8.after three years, and could only be used in particular regions of the Song Empire.(true) national currency, printed to a In 1265, the Song government introduced a 9.single standard, usable across the empire, and backed by silver or gold. It...
(1254–1324) during his 17-year-long stay in Kublai Khan's court, where he was amazed by the idea of government-backed currency. However, the paper money was not backed by gold or silver. The short-lived Yuan D...
(c) backed by gold or silver. (d) a good hedge against inflation. (e) heterogeneous and indivisible. 5.The most important function of money is its use as a:(a) medium of exchange.(b) scoring mechanism. (c) coincider of needs. (d) store of value. (e) means of production....
. (true) national currency, printed to a single standard, usable across the empire, and backed by silver or gold. It was available in denominations between one and one hundred strings of coins. This currency lasted only nine 10. year (year), however, because the Song Dynasty tottered, ...
Paper currency. Many years ago, paper money was backed by gold or silver. But today’s paper currency and coins are fiat money(法定货币). The sum of coins and paper currency is known as currency. Checking accounts, which are technically known as “demand deposits and other checkable deposits...
Many people think that money has no value unless it is backed by gold or silver. They think that the Federal Reserve note is only a symbol for money, and that real money is the metal backing the note. Some people look on money as wealth and believe that it must have intrinsic value....
Be backed by gold or silver. C. Be indestructible.D. Be printed by the government. Answer:A 10. Money supply data is generated by: A. The Department of Commerce B. The Federal Deposit Insurance Corporation (FDIC) C. The Federal Reserve System (the Fed) D. The Treasury Department Answer...