Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An early goldsmith banker earned a profit (sometimes a large profit) simply by writing notes to certify that a person had deposited a certain amount
An early goldsmith banker earned a profit (sometimes a large profit) simply by writing notes to certify that a person had deposited a certain amount of gold in his vault. By writing more notes than the amount of gold held, the goldsmith could lend the notes and charge interest on them. What were the main benefits from the activities of the goldsmith bankers? Question content area bottom Part 1 The main benefits of the activities of the goldsmith bankers include ______. A. an increase in the use of barter B. the elimination of the money multiplier C. creating a means of payment D. the establishment of a central bank
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started