Which of the following situations would be considered a money leakage?
a) A bank holding only the minimum required reserves.
b) A business that refuses to accept cash and handles all transactions using credit cards.
c) A senior citizen who keeps her retirement savings in a shoe box underneath her bed.
d) A college student who never carries any cash.
Ans: c) A senior citizen who keeps her retirement savings in a shoe box underneath her bed.
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The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. If the market is competitive, what government policy might move the market closer to efficiency?
A) The government could subsidize the production of steel. B) The government could tax the production of steel. C) The government could issue vouchers to steel consumers. D) None of the above answers is correct.
Which of the following factors caused the Civil War?
(a) Slavery (b) The conflict between the two systems of agriculture (c) A shift in political power resulting from new states entering the Union as free or slave states (d) All of the above