Fractional reserve banking began
A. in ancient Greece.
B. in the early nineteenth century.
C. in the Middle Ages.
D. in the early twentieth century.
Answer: A
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
A "bad" would be associated with:
A. zero marginal utility. B. a very small amount of marginal utility. D. positive marginal utility.
The more the current price exceeds the equilibrium price, the:
A. smaller the resulting shortage will be. B. smaller the resulting surplus will be. C. greater the resulting surplus will be. D. greater the resulting shortage will be.
A country with a balance of payments deficit that wants to maintain the current exchange rate:
A. loses foreign assets. B. gains official reserves. C. loses official reserves. D. gains foreign liabilities.