What is the main difference between the type of money that was used before the invention of the printing press and today?
What will be an ideal response?
In the days before the invention of the printing press, most societies used something that is valuable itself as money, for example, gold, silver, chickens, and even goats. Today, in most of the world, money is fiat money. Fiat money refers to something that is used as money but is otherwise worthless and is typically backed by the government or the central bank of a country.
You might also like to view...
To fight unemployment and close a recessionary gap, the Fed ______
A. stimulates aggregate demand by lowering the federal funds rate, which increases the quantity of money B. stimulates aggregate supply by lowering the federal funds rate, which increases potential GDP C. increase employment, which increases real GDP D. increases bank reserves, which banks use to make new loans to busi-nesses, which increases aggregate supply
Which country had the highest rate of technological progress from 1985 to 2013?
A) Japan B) France C) United States D) United Kingdom