Asked by Grace Gould on Jun 07, 2024
Verified
A goldsmith with 100 gold coins in his safe and 100 receipts in circulation has a reserve rate of ________%.
Reserve Rate
The fraction of depositors' balances banks must have on hand as cash, a requirement determined by the central bank.
Gold Coins
Metallic forms of money minted from gold, used historically and currently as investment or collectible items.
- Acquire knowledge on the primary functions and qualities of money.
Verified Answer
AK
Learning Objectives
- Acquire knowledge on the primary functions and qualities of money.