European banks began with which of the following?
a. Churches were the first bankers, lending out cash to help the poor learn a craft.
b. Monarchs 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 fish they stored in the holds of their ships became valued as money.
c
You might also like to view...
Demand is defined as
A) a schedule of how much of an item people will purchase at any particular price of that item during a specified time period, other things being constant. B) a specific quantity of an item that people want at a particular price of that item during a specified time period, other things being constant. C) a schedule of how much of a good or service people will purchase at any particular price of a different item during the specified time period, other things being constant. D) a specific quantity of a good or service that people will purchase at one particular price of another item during a specified time period, other things being constant.
Suppose that real GDP is initially $14 trillion and the government attempts to increase real GDP to $15 trillion
The marginal propensity to consume is 0.8, and every $1.00 increase in real government spending crowds out $0.50 in real planned investment expenditures. Which increase in government spending below could yield the desired level of real GDP? A) $100 billion B) $125 billion C) $200 billion D) $400 billion
As workforces become more educated in countries with comparative advantage in labor-intensive products, the comparative advantage for the production of those labor-intensive goods shifts:
A. toward other countries with less cheap labor relative to the other factors of production. B. away from countries with more cheap labor relative to other factors of production. C. toward other countries with more cheap labor relative to the other factors of production. D. toward countries with more capital for production.
Why is a firm in a monopolistically competitive industry considered a "mini" monopoly?
a. There are large number of sellers in the market. b. Each firm in monopolistic competition is a price taker. c. The product of each firm is unique in some way or the other. d. Each firm faces a perfectly elastic demand curve. e. There exists a large number of close substitutes of the products.