Adam Smith was an advocate of:
a. a nation maximizing its stock of gold.
b. unrestricted or free trade.
c. mercantilism.
d. the visible hand of public interest.
b
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What would cause a bank run?
A) Depositors feel that the bank does not have sufficient assets to cover their deposits. B) Bank managers choose to hold more excess reserves. C) Depositors feel that they are earning too low of a return on their deposits. D) Borrowers feel that they are being charged too high of an interest rate on their loans.
In 2008, the current account balance was -$706 billion and the capital and financial account balance was +$711 billion. Therefore, the official settlements account balance was ________ and the balance of all payments accounts summed was ________
A) -$5 billion; zero B) negative; negative C) positive; positive D) +$5 billion; zero E) not enough information to determine; negative