With the creation of the Federal Deposit Insurance Corporation
A) member banks of the Federal Reserve System were given the option to purchase FDIC insurance for their depositors, while non-member commercial banks were required to buy deposit insurance.
B) member banks of the Federal Reserve System were required to purchase FDIC insurance for their depositors, while non-member commercial banks could choose to buy deposit insurance.
C) both member and non-member banks of the Federal Reserve System were required to purchase FDIC insurance for their depositors.
D) both member and non-member banks of the Federal Reserve System could choose, but were not required, to purchase FDIC insurance for their depositors.
B
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The aggregate production function used in the Solow model expresses GDP as a function of:
A) level of technology and total efficiency units of labor only. B) physical capital and level of technology. C) physical capital and total efficiency units of labor only. D) physical capital, level of technology, and total efficiency units of labor.
Refer to Figure 2-6. If the economy is currently producing at point D, what is the opportunity cost of moving to point B?
A) 8 thousand wrenches B) 30 thousand wrenches C) 23 thousand hammers D) 0 hammers