Answer the following statements true (T) or false (F)
1. The Glass Steag all Act was passed in 1932 to prevent ruinous competition in the banking industry.
2. The Financial Services Modernization Act of 1999 seeks to restrict competition between insurance companies and banks.
3. The Financial Services Modernization Act of 1999 is likely to result in fewer financial institutions.
4. Electronic transfers now account for nearly 90 percent of the dollar value of all transactions in the United States.
5. Cash transactions account for about 20 percent of the value of transactions.
6. Stored value and smart cards are forms of electronic banking.
1. TRUE
2. FALSE
3. TRUE
4. TRUE
5. FALSE
6. TRUE
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When the macroeconomic equilibrium is such that real GDP is less than potential real GDP, the economy is suffering from ________, and the government policy to eliminate this gap will ________ real GDP and ________ the price level
A) a recessionary gap; decrease; decrease B) an inflationary gap; increase; decrease C) a recessionary gap; increase; increase D) an inflationary gap; decrease; increase E) a recessionary gap; decrease; increase
Dick owns a dog whose barking annoys Dick's neighbor Jane. Dick receives personal benefit from owning the dog, and Jane bears a cost of Dick's ownership of the dog. Assuming Jane has the legal right to peace and quiet, which of the following statements is correct?
a. If Dick's benefit exceeds Jane's cost, government intervention is necessary. b. Dick will pay to keep his dog if his benefit exceeds Jane's cost. c. If Jane's cost exceeds Dick's benefit, Dick will pay Jane to keep his dog. d. If Jane has the legal right to peace and quiet, no further transactions will be mutually beneficial.
Many state lotteries have advertised "instant millionaire" lottery games. However, if one wins the game, the state does not write a check for a million dollars. Rather it pays $50,000 a year for 20 years. Using the tables shown and assuming the interest rate is 4, which of the following statements must be true?Annuity Table(value now of $1 Per year To be received for x-years) Present Value Table(Value now to $1 to be received x-years un the future) Year3%4%6%Year3%4%6%108.538.117.36100.740.680.531511.9411.129.71150.640.560.422014.8813.5911.47200.550.460.313019.6017.2913.76300.410.310.17
A. If the winner invests his annual payout, at the end of 20 years he will have a lot more than a million dollars. Hence the state is understating the winnings when it advertises these games as "instant millionaire." B. The true value of winning is much less than a million. The state has misrepresented the true value of the payout. C. The state does not care whether it gives a million as a lump sum or spread over 20 years. D. Since the winner will be given actually a million dollars over 20 years, the state is correct in advertising these games as "instant millionaire."
For a given upward-sloping supply curve, an increase in demand for chocolate chips will result in a:
a. ?lower equilibrium price and a higher equilibrium quantity. b. ?higher equilibrium price and a lower equilibrium quantity. c. ?lower equilibrium price and a lower equilibrium quantity. d. ?higher equilibrium price and a higher equilibrium quantity. e. ?decrease in the quantity supplied of chocolate chips.