Multiple Choice
In the 14th century, the Western African Emperor Kankan Musa travelled to Cairo where he gave away much gold, which was in use as a medium of exchange. How would we predict this increase in gold would do to the price level and value of gold in Cairo?
A) raise both the price level and the value of gold in Cairo
B) raise the price level, but decrease the value of gold in Cairo
C) lower the price level, but increase the value of gold in Cairo
D) lower both the price level and the value of gold in Cairo
Correct Answer:
Verified
Correct Answer:
Verified
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