The standard definition of money is
a. currency + checking account balances + saving account balances
b. currency + checking account balances + travelers' checks
c. currency + checking account balances + credit cards
d. currency + credit cards + certificates of deposit
e. currency only
B
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Currently, a three-year Treasury note pays 4.75%. Assuming that your tax rate is 20%, what is the minimum interest rate that you would you need to earn on a tax-free municipal bond in order to buy it instead?
A) 0.95% B) 3.8% C) 5.7% D) 15.25%
International reserves are:
A. dollars held by the Federal Reserve to support the value of the dollar. B. reserves held by banks to back international deposits. C. foreign currency deposits held by banks to provide international liquidity for domestic customers. D. foreign currency assets held by a government for the purpose of purchasing domestic currency in the foreign exchange market.