In 1865, Congress raised the tax on state bank notes to 10 percent of the value of notes in circulation. Quantitative evidence shows that by 1900,
a. state banks had ceased to exist.
b. the number of state banks had declined dramatically.
c. the number of state banks had increased dramatically.
d. the number of state banks was roughly the same as in 1865.
c. the number of state banks had increased dramatically.
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An increase in the capital stock shifts
a) short-run aggregate-supply curve to the left and long-run aggregate-supply curve to the right. b) short-run aggregate-supply curve to the right but does not shift long-run aggregate-supply curve. c) long-run aggregate-supply curve to the right but does not shift short-run aggregate-supply curve. d) both short-run and long-run aggregate-supply curve to the right.
If the supply curve of a product changes so that sellers are now willing to sell two additional units at any given price, the supply curve will
A) shift leftward by two units. B) shift rightward by two units. C) shift vertically up by two units. D) shift vertically down by two units.