After reading the passage, why do you think was the most important part of the no uniform system of currency( two sentences ) 2. No uniform system of curreArticle IX of the Articles of Confederation stated, "The UnitedStates in Congress assembled shall also have the sole and exclusiveright and power of regulating the alloy and value of coin struck bytheir own authority, or by that of the respective State." 5 WhileCongressthe Articles failed to call for a singular form of currency. Thismeant that the national government could print money, but eachstate could as well. Consequently, America had no uniform systemof currency which made trade between the states, and with foreignentities, much more difficult and less efficient.had the right to regulate all forms of American currency,

From the passage we can understand that the Congress played the most important part in America's…

Answered: After reading the passage, why do you…

After reading the passage, why do you think was the most important part of the no uniform system of currency( two sentences )

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: what is the benefit if the commercial banks create new money?

A: Money refers to the economic unit that is used to make exchanges and to set the value of any…

Q: What are four reasons a country might have for borrowing money? What are the alternative solutions…

A: Government debt, also known as public interest debt, public debt, national debt, and sovereign debt…

Q: What backs the US dollar? Include the distinction between commodity and fiat money.

A: Fiat money is the currency notes that are made as a legal tender of the country by the government.…

Q: According to Lawrence White in "How Common Has Private Currency Been?" The private sector can…

A: It can be described as the tangible, physical forms of money that are used in the exchange of…

Q: How did the European Monetary System differ from the Bretton Woods system? (explain in 10-12…

A: The correct answer is given in the second step.

Q: Name two monetary policy instruments used by South African Reserve Bank

A: Monetary instruments refer to the tools that can be used to make changes in the circulated money to…

Q: why did the people of Germany not accept Mark as their currency in 1923?

A: During this period of wars, the impact on the economy is negative.

Q: demonetization

A: Demonetization refers back to the technique of discontinuing the use of a specific forex unit,…

Q: What are two advantages and one disadvantages of using cash as THE MAIN medium of exchange?

A: Medium of exchange: -any item that can be accepted as an exchange for goods and services serves the…

Q: Did you hear about bitcoin? Will the development in these other forms of money reduces the demand…

A: Yes, bitcoin is a type of cryptocurrency.

Q: Why USD considered to be a world class currency and dealt with globally instead of Russian ruble or…

A: In the international market, when countries make an exchange of different goods and services, they…

Q: Economics After falling in half from 1947 to the 1970s (around 10 percent to 5 percent), the share…

A: A financial crisis refers to a significant disruption or collapse in the financial system of a…

Q: Can I ask how do you calculate M1 and M2 ? Thanks

A: Money supply refers to the amount of currency in the form of coins, paper notes, or demand deposits…

Q: To ensure that paper money will be accepted, the U.S. government implicitly promises the public that…

A: To ensure that paper money will be accepted, the U.S. government implicitly promises the public that…

Q: State three ways in which a government can influence the value of its currency. For each, state…

Q: Which of the following is the way an economist would define a current United States dollar bill?…

A: Fiat money is a currency that is not backed by commodities like gold but issued by the government.…

Q: Money is commonly defined as A generally accepted medium of exchange. A U.S. dollar. Paper currency…

A: Money: - money is an object that measures the value of goods and services in an economy and also…

Q: ► Money and Banking • What is money • Money creation: banking system, Central Bank, Money multiplier…

A: Money Money is a medium of exchange that is widely accepted in transactions for goods, services, or…

Q: Which of the following aren’t counted in the money supply of the US?

A: Money supply of US consist of M0, M1, M2 and M3

Q: Calculate M1 if:- Currency with public = $23,000 Demand deposit = $11,000 Other deposit with RBI…

A: The data presented in the question above:- Currency with public = $23,000 Demand deposit = $11,000…

Q: What are the tools the reserve bank is using in Australia to run a monetary policy?

A: There are four primary tools for the central bank of any country to have control in the money…

Q: and partial

A: A currency is money in any form while either in use or circulation being used as a medium of…

Q: If the krone was strengthening, did it take more kroner to exchange for a euro or fewer kroner?…

A: An exchange rate refers to a rate at which domestic currency is exchanged for foreign currencies.…

Q: Why does the United States operate under a dualbanking system?

A: A double banking system is the arrangement of banking that exists in the United States in which…

Q: Currency is different from money in that currency______ A)is a note representing the worth of…

A: A currency is a:- means of payment can not be duplicated (it is illegal) currency differs…

Q: How to transfer funds from one bank to another bank?

A: Banks are important institutions. They are the backbone of economic growth. Banks are institutions…

Q: If there is an increase in the U.S. money supply, please try to draw a graph and explain how it will…

A: Money supply refers to the total amount of money available in an economy at a given point in time.…

Q: Explain how to use an open market operation to expand the money supply.

A: Money supply refers to the total sum of money held by the public in the economy at a point in time.…

Q: According to Adam Smith money can be compared to our High Way System. Describe it?

A: Adam Smith was an economist who is known as the 'father of modern economics' due to his work in 'The…

Q: Details the central bank function "settlement of interbank claims"?

A: A central bank is a financial institution responsible for the supervision of the monetary system and…

Q: Why do politicians want to control economic policy? What are the things that make it difficult, if…

A: 1) Power and Influence:Politicians seek control over economic policy because it allows them to wield…

Q: What backs the U.S. dollar? Include the distinction between commodity money and fiat money in your…

A: An economic unit is considered to be money when it tends to function in an economy as being a medium…

Q: Due to favorable exchange rate policies and terms of trade, prices in the economy fell. What impact…

A: Before answering the above question, let us first understand a few relevant concepts: 1. Money…

Q: An American traveling to Europe will find it easier to make purchases now because: Answer a. Most…

A: Exchange rate determines the price of the currency of a domestic country when it is exchanged with…

Q: What would happen if the federal reserve created too much, or not enough, currency over a given…

A: By regulating the money supply, the Federal Reserve seeks to regulate the U.S. economy, as is the…

Q: what are the South African Reserve Bank’s accommodation policy in detail

A: The banking sector's sustainability plays an essential role in all-round economic prosperity. A…

Q: Money not backed by gold or silver is worthless paper and is a fraud committed against the people of…

A: Since money is not backed by the gold and silvers, thus money does not have any intrinsic value. If…

Question

After reading the passage, why do you think was the most important part of the no uniform system of currency( two sentences )

2. No uniform system of curre
Article IX of the Articles of Confederation stated, "The United
States in Congress assembled shall also have the sole and exclusive
right and power of regulating the alloy and value of coin struck by
their own authority, or by that of the respective State." 5 While
Congress
the Articles failed to call for a singular form of currency. This
meant that the national government could print money, but each
state could as well. Consequently, America had no uniform system
of currency which made trade between the states, and with foreign
entities, much more difficult and less efficient.
had the right to regulate all forms of American currency,

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If the reserve ratio is .05 and the amount of currency is 300, what is the money supply? Only typed answer and don't use chat gpt
What is the reserved requirement for Philippine Banks?
After suffering two years of staggering hyperinflation, the African nation of Zimbabwe officially abandoned its currency, the Zimbabwean dollar, in April 2009 and made the U.S. dollar its official currency. Why would anyone in Zimbabwe be willing to accept U.S. dollars in exchange for goods and services?
Describe why some banks maintain a relationship with a correspondent bank.
Safety of money: Is your money equally, more, or less safe in a “foreign” bank? Explain your reasoning.
Answer questions 1-4 about Nigeria's macroeconomy (Nigeria's currency): Currency in Circulation (October 2020) 40.5 billion nigerian currency Reserves (October 2020) 34.2 billion nigerian currency M1 (October 2020) 2,465.9 billion nigerian currency M2 (October 2020) 2,638.8 billion nigerian currency Calculate the size of the monetary base in October 2020. one decimal place. Calculate the size of demand (checking) deposits in October 2020. Round your answer to one decimal place. Calculate the size of savings deposits in October 2020. Round your answer to one decimal place.
Which one is correct? UK currency is a commercial bank liability UK currency is a central bank asset UK currency is a Bank of England liability
What are two potential threats to the fractional reserve system?
The US Dollar is an example of what type of currency? M IK C THE ENEPER STNERS OF AMERIIN 12 12 12 KINEHOLLAH Representative Money Commodity currency O Fiat Currency Cryptocurrency
Mr. Ali is an exchange broker. He always researched for opportunities of profit through the currencies fluctuations using the strategy 'Buy low, sell high'. He collected the below quotes: Quote GBP/OMR INR/OMR EUR/OMR AUD/OMR Spot 0.5319 0.0056 0.4581 0.2953 Forward 0.5350 0.0053 0.4518 0.2970 Which currency is more beneficial to invest in? O a. AUD O b. EUR O c. INR O d. GBP