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Katarina [22]
3 years ago
13

Identify each of the statements regarding goldsmiths and the evolution of banks as either true or false. Receipts for gold depos

its were nontransferable. Because what became paper money issued by goldsmiths depended on the amount of gold deposited, goldsmiths could not actually create money. The earliest banks backed deposits 100% with gold. Early banks' ability to create money was limited only by the goldsmiths' prudence and judgement. The development of paper money and the banking system was due in large part to convenience.
Business
1 answer:
AlladinOne [14]3 years ago
5 0

Answer:

1. False

2. false

3. True

4. False

5. True

Explanation:

Receipts for gold deposits were nontransferable. (False)

Because what became paper money issued by goldsmiths depended on the amount of gold deposited, goldsmiths could not actually create money. (False)

The earliest banks backed deposits 100% with gold. (True)

Early banks' ability to create money was limited only by the goldsmiths' prudence and judgement. (False)

The development of paper money and the banking system was due in large part to convenience. (True)

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Check the explanation

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Budgeted sales                                                    10800               14400

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Unit product cost                                          $9.95  

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The seller must be informed when the offer is presented that the depositis a promissory note

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