The dual banking system in the U.S. today refers to:
A. the ability of banks to be either federally or state chartered.
B. a deposit institution's decision to be either a bank or a savings and loan.
C. a bank's ability to own another financial institution.
D. a bank's ability to issue checking and saving accounts.
Answer: A
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Which of the following is true of an externality?
a. An externality enhances the efficiency of the market system. b. An externality is not an economic problem because it is external to the market. c. An externality is a cost borne by the people who are directly or indirectly involved in the production of a good or service. d. An externality accrues to someone who had nothing to do with the production or consumption of a good or service. e. An externality refers to some unexpected change in the equilibrium price or quantity of a product.
Each of the following, except one, is a limitation on collusive behavior. Which is the exception?
a. the market demand curve b. a tit-for-tat strategy c. the threat of prosecution d. incentives for firms to lower prices e. incentives for firms to raise output
Melanie and Oli are competing Pacific halibut fishers. Both have been allocated ITQs that limit their catch to 1,000 tons of Pacific halibut each. Melanie's cost per ton is $20; Oli's cost per ton is $28. Refer to the information given. If the
market price of Pacific halibut is $40 per ton, and Melanie and Oli both catch their quota, their combined profit will be: A. $12,000. B. $22,000. C. $25,000. D. $32,000.
Which of the following is not a form of air pollution?
A. The greenhouse effect. B. Smog. C. Acid rain. D. Thermal pollution.