An insolvent institution has:
A. liabilities that exceed its assets.
B. assets that exceed its liabilities.
C. assets that exceed its equity.
D. equity that exceeds its liabilities.
Answer: A. liabilities that exceed its assets.
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A Lorenz curve graphs the
A) percentage of income or wealth against the percentage of households. B) cumulative percentage of income or wealth against the cumulative percentage of households. C) cumulative value of income against the cumulative percentage of households. D) percentage of wealth against the percentage of income.
Aggregate expenditure in the U.S. economy includes spending for U.S. output by
a. households and businesses, but not governments. b. households, businesses, and the federal government, but not state and local governments. c. households, businesses, and all governments except foreign ones. d. households, businesses, and governments, both domestic and foreign.