What best describes the US experience with banking from 1785 until the Civil War?
a. There was a national bank for the entire time period.
b. The first two national banks were largely foreign owned.
c. Only gold was used to back currency.
d. Only national banks could print notes.
b. The first two national banks were largely foreign owned.
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Suppose the price of chocolate chip cookies is $4.00 per pound and the price of a slice of cake is $2.00 per slice. The relative price of cookies in terms of cake is
A) $2.00 per cookie. B) $4.00 per cookie. C) 1/2 slice of cake per cookie. D) 2 slices of cake per cookie.
The distribution of U.S. income is not bell-shaped because
A) there are more households with incomes below the mean income than above the mean income. B) there are more households with incomes above the mean income than below the mean income. C) the mode income equals the mean income. D) the income distribution is bell shaped.