7. During the 1800's, due to a shortage of coinage, the US economy used both US...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
7. During the 1800's, due to a shortage of coinage, the US economy used both US and Spanish minted coins. As it happens, Spanish silver dollars contained from 2% to 5% more silver than the US ones did, yet had the same accepted nominal value in trade - one dollar. Interestingly, fractional Spanish silver coins - things like half dollars, quarters, and dimes – contained less silver than their US counterparts. Using Gresham's law, what do you think happened to the types of coins that eventually circulated in the US? 7. During the 1800's, due to a shortage of coinage, the US economy used both US and Spanish minted coins. As it happens, Spanish silver dollars contained from 2% to 5% more silver than the US ones did, yet had the same accepted nominal value in trade - one dollar. Interestingly, fractional Spanish silver coins - things like half dollars, quarters, and dimes – contained less silver than their US counterparts. Using Gresham's law, what do you think happened to the types of coins that eventually circulated in the US?
Expert Answer:
Answer rating: 100% (QA)
Greshams law is an economical tenet that states that people will inherently choose to hang onto the ... View the full answer
Related Book For
Posted Date:
Students also viewed these general management questions
-
Provide an example of an equity investment in another company undertaken for strategic purposes.
-
Cash from the sale of common stock appears in the: Multiple Choice Long-term liabilities section of the statement of stockholders equity Financing activities section of the statement of cash flows...
-
Consider the following events related Mr. Masood, the owner of a retail shop in Ibri. 1 Masood gifted a watch to his staff Ms. Zainab on the occasion of her marriage. 2 Paid rent for the staff...
-
What is the wavelength of light if its frequency is 1.009 106 Hz?
-
Last year, there were 512 burglaries in Groton, Georgia. The police chief wants to know the average economic loss associated with burglaries in Groton and wants to know it this afternoon. There isnt...
-
At 298 K the standard enthalpy of combustion of sucrose is -5797 k] mol-I and the standard Gibbs energy of the reaction is -6333 k] mol ". Estimate the additional non-expansion work that may be...
-
List and define the four types of control. How do organizational, operations, and strategic types of control differ from one another? How do they relate?
-
An auditor is required to obtain a sufficient understanding of each of the components of an entitys system of internal control to plan the audit of the entitys financial statements and to assess...
-
Answer the following questions after watching the video. Link to video: https://www.youtube.com/watch?v=km3Iu8G0JjA What is white-collar crime? Who was Bernie Madoff? Describe his scheme. In what...
-
December 31, 2014, trial balances for Pledge Company and its subsidiary Stom Company follow: Pledge Company purchased 72,000 shares of Stom Company's common stock on January 1, 2011, for $300,000. On...
-
Let f(x) = in (0, ) (2-x) in (, 2) {QR-X) Find the FS for f (x) and hence deduce that 1 n=1 (2n-1) = T 8
-
Why are we concerned with the distribution of income between whites and blacks, but not between redheads and blondes?
-
What are the benefits of platform monopolies? What are the costs?
-
The book seems to suggest that all decisions are economic decisions. a. Would you agree? b. How would tithing fit into the decision-making calculus? (Religious)
-
What is the first-mover advantage and how does it affect platform monopolies?
-
According to Thorstein Veblen, what is the purpose of conspicuous consumption? Does the utility derived from the consumption of these goods come from their price or functionality? Give an example of...
-
(1) The Chesapeake colonists experienced shorter, less fertile lives than their New England counterparts. (2) In 1640, for example, Chesapeake migrants had no more than a 50 percent chance of...
-
-x/2 x/4 If A = -x/2 and A-1 =6 then x equals
-
What are the three basic types of bank loans? Describe their differences.
-
1. Why was Ireland in trouble? 2. What happened to Irish debt? To Irish bond ratings? Interest rates? 3. How did the Irish crisis highlight problems with the Eurozone? 4. What must Ireland do to...
-
1. How did China and Japan manage to weaken their currencies against the dollar? 2. Why did the U.S. dollar and U.S. Treasury bonds fall in response to the G7 statement? 3. What is the link between...
-
Using the fourth-order Runge-Kutta method, solve Problem 11.15. Data From Problem 11.15:- Using the second-order Runge-Kutta method, solve the differential equation \(\ddot{x}+1000 x=0\) with the...
-
Using the central difference method, find the response of the two-degree-of-freedom system shown in Fig. 11.2 when \(c=2, F_{1}(t)=0, F_{2}(t)=10\). Figure 11.2:- X1(t) -x2(t) F(1) k=2 -F2(t) k = 4...
-
Using the central difference method, find the response of the system shown in Fig. 11.2 when \(F_{1}(t)=10 \sin 5 t\) and \(F_{2}(t)=0\). Figure 11.2:- X1(t) -x2(t) F(1) k=2 -F2(t) k = 4 k2=6 00000...
Study smarter with the SolutionInn App