What is not true of The Federal Reserve Act (1913)?
a. Membership in the system was made compulsory for national banks.
b. State banks were not permitted to join the system.
c. The member banks nominally owned the Federal Reserve Banks.
d. Member banks had to deposit cash, previously held as reserves, with the district Federal Reserve Bank.
b. State banks were not permitted to join the system.
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Betty and Ann live on a desert island. With a day's labor, Ann can produce 6 fish or 4 coconuts; Betty can produce 3 fish or 1 coconut. Betty's opportunity cost of producing 1 fish is ________, and she should specialize in the production of ________
A) 1/3 coconut per fish; fish B) 2/3 coconut per fish; coconuts C) 1 coconut per fish; fish D) 4 coconuts per fish; fish
If a firm goes out of business because of negative economic profits, its books
A) might indicate a positive accounting profit. B) might indicate that opportunity costs were zero. C) might indicate that taxes are too high. D) might suggest a mistaken value of explicit costs.