The Federal Reserve Act of 1913 required all ________ banks to become members of the Federal Reserve System, while ________ banks could choose to become members of the system
A) state; national
B) state; municipal
C) national; state
D) national; municipal
C
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The reversal of fortune can be attributed to the fact that:
A) economic institutions in European colonies were inclusive in all nations. B) economic institutions in European colonies were extractive in prosperous nations and inclusive in other nations. C) economic institutions in European colonies were extractive in all nations. D) economic institutions in European colonies were inclusive in prosperous nations and extractive in other nations.
People who often create benefits for the minority and impose the cost on the majority are called:
a. fair-interest groups. b. encounter groups. c. laissez-faire groups. d. special-interest groups.
Lucy is a young entrepreneur who sells lemonade from her lemonade stand in her driveway on Saturday afternoons. During the first hour, Lucy sells 30 glasses of lemonade and incurs an average variable cost of $0.20. Lucy's _________ for the first hour are __________
Fill in the blank(s) with the appropriate word(s).
Suppose a bank has $10,000 in deposits and $1,000 in reserves. The required reserve ratio is 5%. Which of the following occurs if the required reserve ratio is increased to 10%?
A) The bank's required reserves will decrease to $500. B) The bank's excess reserves will increase to $1,000. C) The bank's required reserves will increase to $1,000. D) The bank's ability to create loans increases by 5%.