The National Bank Act
a. stemmed the credit expansion that banks generated by holding each other's deposits
b. avoided wholesale shifts of deposits between city and country banks
c. was instrumental in averting the 1907 Knickerbocker disaster
d. helped to avoid financial panics and recessions
e. tightened the money supply, but was by no means the banking industry's panacea
E
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Which of the following would be considered a negative real supply shock?
A) a relaxation of government environmental regulations B) a permanent increase in the price of energy C) a decrease in the money supply D) a decrease in aggregate demand
Since the income elasticity for food is estimated to be 0.51, it appears that the proportion of income spent by poor people on food is ____ the proportion spent by those with higher incomes
a. greater than b. less than c. about the same as d. about half as great as
Figure 18-2
Figure 18-2 shows the widget market before and after an excise tax is imposed. After the tax is imposed, the amount that a firm keeps for itself from the sale of each widget is ____.
A. $95 B. $100 C. $120 D. $125
The demand curve faced by the monopolist
A) is perfectly elastic. B) is perfectly inelastic. C) slopes downward. D) slopes upward.