The Glass-Steagall Act
A) was passed in response to the financial crisis of 2007-2009.
B) requires that CEO's personally certify the accuracy of financial statements.
C) prevented financial firms from being both commercial banks and investment banks.
D) all of the above
C
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When government intervenes in the production process because external costs exist, it typically attempts to shift the industry's
A) demand curve to the right. B) demand curve to the left. C) supply curve to the right. D) supply curve to the left.
A busy country store is the only producer and distributor of maple sausages in New Hampshire. It calculates that if it sets MR = MC, it will sell 2,000 sausages at a price of $10 and make a total economic profit of $6,000 . Instead, the store decides to charge a price of $8 . We can infer that the store
a. is lowering the price so that it can earn more than $6,000 total profit b. is operating in a contestable market so it is pricing the sausages to keep out competition c. will now sell fewer sausages according to the law of demand d. is now operating at a loss of $1 per sausage e. hopes that its demand is inelastic so that total revenue will increase
Use the following table to answer the next question.The table shows a consumption schedule. All figures are in billions of dollars.RGDPConsumption$600$580640610680640720670760700If gross investment was $20 billion, government purchases of goods and services were $20 billion, and taxes and net exports were zero, then the equilibrium level of real GDP would be
A. $680 billion. B. $720 billion. C. $600 billion. D. $640 billion.
When expected inflation increases, for any given nominal interest rate the:
A. bond demand curve shifts right. B. price of bonds increases. C. yield on bonds will increase. D. bond supply curve shifts right.