1. Explain why merchants accepted gold receipts as a means of payment even though the receipts were...

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1. Explain why merchants accepted gold receipts as a means of payment even though the receipts were issued by goldsmiths, not the government. What risk did goldsmiths introduce into the payments system by issuing loans in the form of gold receipts?

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Macroeconomics

ISBN: 9781259915673

21st Edition

Authors: Campbell McConnell, Stanley Brue , Sean Flynn

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Question Posted: Sep 30, 2024 01:00 AM

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1. Explain why merchants accepted gold receipts as a means of payment even though the receipts were issued by goldsmiths, not the government. What risk did goldsmiths introduce into the payments...
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1. Explain why merchants accepted gold receipts as a means of payment even though the receipts were...

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Macroeconomics

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