European banks began with which of the following?
A. Monarchs were the first bankers, lending out cash to help the poor learn a craft.
B. Churches were the first bankers, lending out cash to help the poor learn a craft.
C. Goldsmiths were the first bankers, and the paper receipts they issued for gold held on deposit became valued as money.
D. Fishermen were the first bankers, and the paper receipts they issued for the fish they stored in the hulls of their ships became valued as money.
Answer: C
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Two emerging trends in 1990s macroeconomic thinking are that fiscal policy should be designed according to its ________ consequences and that monetary aggregates ________ useful in the conduct of monetary policy
A) short-run stabilization, are no longer B) short-run stabilization, continue to be C) long-run growth, are no longer D) long-run growth, continue to be
After an excise tax is imposed on a good or service,
a. the equilibrium price and quantity are unchanged b. firms must charge a higher price for any particular quantity c. firms must charge a lower price for any particular quantity d. the equilibrium price and quantity will both increase e. the equilibrium price and quantity will both decrease
Suppose we were analyzing the Turkish lira per euro foreign exchange market. If Turkey's real GDP falls relative to the Euro-Area and nothing else changes, then the:
a. The supply of euros in the foreign exchange market rises, and the euro depreciates. b. The demand for euros in the foreign exchange market rises, and the euro appreciates. c. The demand for euros in the foreign exchange market falls, and the euro depreciates. d. The supply of euros in the foreign exchange market falls, and the demand for euros in the foreign exchange market falls, causing the euro to rise in value. e. The supply of euros in the foreign exchange market rises, and the demand for euros in the foreign exchange market falls, causing the euro to fall in value.