Which of the following statements most accurately describes the role of banks in the United States between the Civil War and WWI?
a. The U.S., which had the largest economy in the world, also had the largest banks in the world.
b. Banking reforms increased the ability of state banks to issue their own notes.
c. Compared to state banks, national banks generally had higher reserve requirements and more restrictions on how they could handle their assets.
d. Those who borrowed money at fixed interest rates gain significantly during deflationary periods.
c. Compared to state banks, national banks generally had higher reserve requirements and more restrictions on how they could handle their assets.
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Utility is defined as the:
a. sense of pleasure or satisfaction derived from consuming goods and services. b. cost of acquiring goods and services. c. profits consumers earn from consuming goods and services. d. monetary value to consumers of goods and services. e. desire to consume goods and services.
Oligopolies have few sellers and difficult entry
a. True b. False Indicate whether the statement is true or false