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.
c
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If you exhibit the endowment effect as a decision maker, then you are
A) consuming based on celebrity endorsements. B) deciding on the basis of sunk costs. C) buying something you can't really afford because you expect to save in the future. D) ignoring non-monetary opportunity costs.
What do most economists believe about international trade?
a. It benefits all participants with no one harmed in the country. b. It benefits only big corporation but harms everyone else in a country. c. It benefits the majority of people but some people are harmed. d. It benefits no one and harms many people in the economy.
Suppose that in a perfectly competitive market, firms are making an economic profit. In the long run, we know for sure that
a. some firms will leave the market b. the market price will rise c. the market supply curve will shift to the left d. economic profit will become zero e. production will be less than short-run production
Technological change ________ sustained increases in standards of living.
A. is necessary for B. is helpful, but not necessary, for C. is an obstacle to D. always leads directly