As part of the nation's recovery from the Great Depression of the 1930s, the banking system was reformed in which of the following ways?
(A) The banking system was taken off the gold standard.
(B) The government paid off loans for large corporations.
(C) Banks were deregulated by the government.
(D) The Federal Reserve Banks were closed.
Ans: (A) The banking system was taken off the gold standard.
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Since the economy was operating at less than full capacity when the U.S. entered World War II (1941–45), price controls did not surface until the end of the war
Indicate whether the statement is true or false
The stock of assets owned by a person, household, firm or nation is
A) real disposable income. B) wealth. C) capital investment. D) capital goods.
Which of the following statements is false?
A) Specialization and trade allow a country's inhabitants to consume at a level beyond its production possibilities frontier. B) Some of the goods the U.S. exports include cars, coal, and wheat. C) Some of the goods the U.S. imports include cars, oil, and coffee. D) A country has a comparative advantage in producing that good it can produce at lower opportunity cost than another country. E) none of the above
If the marginal cost curve for paper production were altered to reflect the cost of the odor imposed on surrounding areas, which of the following would occur?
A. The market price, accounting for the externality, would rise. B. The market price, accounting for the externality, would fall. C. The marginal cost curve would shift downward. D. It would become socially efficient to produce more paper.