A goldsmith has $2 million of gold in his vaults. He issues $5 million in gold receipts.

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A goldsmith has $2 million of gold in his vaults. He issues

$5 million in gold receipts. His gold holdings are what fraction of the paper money (gold receipts) he has issued?

a. 1/10

b. 1/5

c. 2/5

d. 5/5

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Macroeconomics

ISBN: 9781264112456

22nd Edition

Authors: Campbell McConnell, Stanley Brue, Sean Flynn

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Question Posted: Mar 02, 2024 01:00 PM

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A goldsmith has $2 million of gold in his vaults. He issues $5 million in gold receipts.

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To find the fraction of gold holdings compared to the paper money g...View the full answer

Macroeconomics

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