What occurred during the Free Banking Era?
a. Currency varied widely from state to state.
b. Repaying of loans was not closely monitored.
c. The Second Bank of the United States was established.
d. The dollar bill was introduced.
Answer: a. Currency varied widely from state to state.
You might also like to view...
A person has a comparative advantage in an activity whenever he or she
A) has an absolute advantage in the activity. B) can perform the activity at a lower opportunity cost than can anyone else. C) can do the activity in less time than anyone else. D) can do everything better than anyone else.
Changes in government spending are not likely causes of business cycles because changes in government spending predict
A) countercyclical real wages. B) procyclical real wages. C) countercyclical employment. D) procyclical employment.
Refer to Scenario 13.9. The equilibrium of this game, if played only once, is that
A) both firms pollute. B) only Lago pollutes. C) only Nessie pollutes. D) neither firm pollutes. E) the firms choose a mixed strategy.
Which of the following is true of the federal funds rate?
a. It is the interest rate that one bank charges another for overnight lending. b. It is the interest rate that the Federal Reserve Bank charges commercial banks for borrowing money. c. It is the interest rate you earn in your saving account. d. It is the interest rate the bank charges business firms for borrowing money. e. It is the interest rate that a domestic bank charges a foreign bank for borrowing money.