Which of the following statements is most correct?
A. All financial intermediaries are insurance companies.
B. All banks are financial intermediaries, but not all financial intermediaries are banks.
C. Financial intermediaries must be public corporations.
D. Financial intermediaries are government agencies.
Answer: B
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Which of the following is an example of an implicit cost that a firm might incur?
A) the revenue a firm generates in using its resources B) the rental value of the office space the company owns and uses for itself C) the out-of-pocket expense to hire resources D) taxes owed to the state and Federal governments
In 2006, the American Association of Retired Persons (AARP) spent over $70 million on lobbying-related expenses in an attempt to get policies enacted that would benefit retirees. In economics, the term used to describe such activity is
a. logrolling. b. rent seeking. c. influence peddling. d. redistribution searching.
If a minimum wage is set above the equilibrium wage rate, employment
A) will increase. B) will not change. C) will decrease. D) may increase, decrease or not change depending on how the supply of labor is affected by the minimum wage.
Fogel's (1964) work on railroads after the Civil War shows that they did not dominate the markets for steel, coal or wood
Indicate whether the statement is true or false