Question 37 The goldsmith’s ability to create money was based on the fact that: gold receipts were rarely exchanged for gold. the goldsmith was required to keep 100 percent gold reserves. consumers preferred to use gold for transactions. withdrawals of gold tended to exceed deposits of gold. 2 points

Question 37
The goldsmith’s ability to create money was based on the fact that:
gold receipts were rarely exchanged for gold.
the goldsmith was required to keep 100 percent gold reserves.
consumers preferred to use gold for transactions.
withdrawals of gold tended to exceed deposits of gold.
2 points

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