If you want to own $1 million when you retire in 45 years, how much should you put into your retirement fund now, given the interest rate is 3 percent?

Under a fractional reserve banking system, banks have reserves of only a fraction of their total deposits

a. True b. False Indicate whether the statement is true or false

All government payments to individuals are called transfer payments.

Answer the following statement true (T) or false (F)