(Last Word) The Glass-Steagall Act of 1933:
A. encouraged the creation of large, interconnected financial services firms.
B. was a primary cause of the 2007-2008 financial crisis and subsequent recession.
C. created banks "too big to fail" and "too big to jail."
D. separated high-risk and low-risk financial activities across different firms.
D. separated high-risk and low-risk financial activities across different firms
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If pork and beans is an inferior good, other things being equal, an increase in consumer income will decrease the demand for pork and beans
a. True b. False Indicate whether the statement is true or false
Frictional unemployment is inevitable because
a. sectoral shifts are always happening. b. there is a federal minimum-wage law in the U.S. c. some people do not want to be employed. d. unions are very popular in the U.S.
A utilitarian believes that the redistribution of income from the rich to the poor is worthwhile as long as
a. the worst-off members of society benefit from it. b. each person's income, after taxes and transfers, reflects his marginal product. c. the distortionary effect on work incentives is not too large. d. those contributing to the system are in favor of it.
What is meant by productive efficiency? How does a perfectly competitive firm achieve productive efficiency?
What will be an ideal response?