imagine a simple economy of freedonia that uses gold as its currency ( only gold, not gold backed paper). suppose that Freediona finds itself deeply in debt and that its creditors who all live in the country of Sylvania demand the repayment of debt in gold. what is likely to happen to the economy? (answer it as specific as possible. explain ti )
Solution
In the emerging but scattered country of Freedonia, the people decided one day that they wanted to band together to protect their freedom as a nation, their individual rights, and to grow their economy together. They establish a constitution to form a government, courts, police, an army, and the ability to empower their government to build roads and infrastructure needed for defense, well-being, and commerce. They also wanted a way to provision for their elderly and needy.
With their constitution in place, they excitedly asked for volunteers to come and perform all the work needed in the new government
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imagine a simple economy of freedonia that uses gold as its currency ( (1).docx
1. imagine a simple economy of freedonia that uses gold as its currency ( only gold, not gold
backed paper). suppose that Freediona finds itself deeply in debt and that its creditors who all
live in the country of Sylvania demand the repayment of debt in gold. what is likely to happen to
the economy? (answer it as specific as possible. explain ti )
Solution
In the emerging but scattered country of Freedonia, the people decided one day that they wanted
to band together to protect their freedom as a nation, their individual rights, and to grow their
economy together. They establish a constitution to form a government, courts, police, an army,
and the ability to empower their government to build roads and infrastructure needed for defense,
well-being, and commerce. They also wanted a way to provision for their elderly and needy.
With their constitution in place, they excitedly asked for volunteers to come and perform all the
work needed in the new government
