Bank panics have often begun as a result of:
A. neither rumors nor economic events.
B. real economic events only.
C. both rumors and real economic events.
D. rumors only.
Answer: C
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If the Westminster National Bank has total deposits of $200 billion, has $50 billion in reserves with the Federal Reserve System, and at the same time is required to allocate 20% of its total deposits as required reserves, what are its excess reserves?
A. $50 billion B. $150 billion C. $10 billion D. $90 billion
As hourly wages have risen in the United States in the twentieth century, the number of hours of labor supplied by most wage workers has
a. fallen. b. stayed roughly constant. c. risen. d. generally risen, but has fallen during periods of recession.
In the table at right, the marginal product of the second worker is
A. 98
B. 38
C. 68
D. It cannot be determined
If a country tries to maintain a fixed exchange rate, it must be
A. willing to print and sell its own currency to weaken it, if needed. B. a communist nation to accomplish it. C. willing to sell gold and hard currency to weaken its currency, if needed. D. willing to print and sell its own currency to strengthen it, if needed.