A goldsmith has $2 million of gold in his vaults. He issues $5 million in gold receipts.
Question:
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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Related Book For
Macroeconomics
ISBN: 9781264112456
22nd Edition
Authors: Campbell McConnell, Stanley Brue, Sean Flynn
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