What is the main difference between the type of money that was used before the invention of the printing press and today?
What will be an ideal response?
In the days before the invention of the printing press, most societies used something that is valuable itself as money, for example, gold, silver, chickens, and even goats. Today, in most of the world, money is fiat money. Fiat money refers to something that is used as money but is otherwise worthless and is typically backed by the government or the central bank of a country.
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According to Keynes, once a system attains an economy-wide equilibrium
A) planned investment will be zero. B) there may or may not be excess productive capacity. C) the economy will be at full productive capacity. D) planned consumption will be zero.
The table above gives data for the nation of Mosh. If real GDP is $10 trillion, then
A) firms increase production because inventories are less than their target levels. B) firms decrease production because inventories exceed their target levels. C) the economy has reached equilibrium and no change in production will occur. D) firms decrease production because inventories are less than their target levels. E) We need more information to determine whether firms increase, decrease, or do not change their production.
The figure above shows the price of a DVD player from 2003 to 2007
a) What type of graph is illustrated above? b) What is the trend in the price of a DVD player?
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.