In order to be classified as a recession, a contraction of general economic activity must last at least

Which of the following is a way banks reduce risk?

a) Screening firms. b) Evaluating firms. c) Monitoring firms. d) Pooling money into portfolios.

For any item (physical or financial) to be used as money, the item must be

a. a precious metal, such as gold or silver b. accepted as a medium of exchange c. divisible into smaller units by at least 10, otherwise most exchanges cannot occur, rendering useless the money form d. paper (fiat) backed by a precious metal e. portable