Financial markets are
A) institutions that make loans to borrowers and obtain funds from savers.
B) organized exchanges where securities and financial instruments are bought and sold.
C) organized exchanges where currencies are traded.
D) institutions that regulate financial instruments.
B
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When an equal percentage increase in the factors of production raises real GDP by the same percentage, the production function has the characteristic known as
A) constant returns to scale. B) constant marginal productivity. C) diminishing marginal productivity. D) increasing returns to scale.
The major reason tight money fell so heavily on housing in the past was that
A) people didn't like to borrow when interest rates were high. B) the reserve requirements on deposits at saving and loan institutions were higher than those for commercial banks. C) the lag effect of tight money on housing was long and variable. D) there were legal ceilings on the interest rates that saving and loan institutions could pay on their deposits.