The fractional reserve system of banking started when goldsmiths began: Select one: a. Accepting deposits of gold for safe storage b. Charging people who deposited their gold c. Using deposited gold to produce products for sale to others d. Issuing paper receipts in excess of the amount of gold held

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05-04-2021
Business

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The fractional reserve system of banking started when goldsmiths began: Select one: a. Accepting deposits of gold for safe storage b. Charging people who deposited their gold c. Using deposited gold to produce products for sale to others d. Issuing paper receipts in excess of the amount of gold held

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berno berno · Answer 1 · 2021-04-06T21:21:24-04:00

Answer:

d. Issuing paper receipts in excess of the amount of gold held.

Explanation:

Fractional-reserve banking is practiced by all commercial banks. Such banks involve banks that accept deposits from various customers and make loans to other borrowers while keeping an amount in reserve that is equal to a part of the deposit liabilities of the bank.

The fractional reserve system of banking started when goldsmiths began issuing paper receipts in excess of the amount of gold held.

Option d. is correct.

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