The Glass-Steagall Act of 1933:
A. required all state banks to get federal charters.
B. required commercial banks to sell off their investment banking operations.
C. eliminated the FDIC.
D. required federally chartered banks to meet the branching restrictions of the states.
Answer: B
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
The fastest growing component of the annual federal budgets since 2000 is
A) entitlement payments. B) the education budget. C) funding for NASA. D) funding for health research.
Assume a fixed demand for money curve and the Fed increases the money supply. The result is a temporary:
a. excess quantity of money demanded. b. excess quantity of money supplied. c. new equilibrium interest rate. d. decrease in the demand for loans.
If a certain market were a monopoly, then the monopolist would maximize its profit by producing 4,000 units of output. If, instead, that market were a duopoly, then which of the following outcomes would be most likely if the duopolists successfully collude?
a. Each duopolist produces 4,000 units of output. b. Each duopolist produces 1,500 units of output. c. One duopolist produces 2,400 units of output and the other produces 1,600 units of output. d. One duopolist produces 3,000 units of output and the other produces 1,500 units of output.