A bank run is:
A. the situation that arises from fear that the bank is in danger of running out of money.
B. when a bank's reserves are not enough to satisfy all withdrawal demands.
C. when all depositors from a single bank demand to withdraw all deposits at once.
D. All of these are true.
Answer: D
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If the price of oil rises, producers of oil will
A) increase the quantity of oil supplied. B) supply less oil. C) leave the amount of oil supplied unchanged. D) cut the price.
Melanie decided to sleep in today rather than attend her 9 a.m. economics class. According to economic analysis, her choice was
a. irrational, because economic analysis suggests you should always attend classes that you have already paid for. b. irrational, because oversleeping is not in Melanie's self-interest. c. rational if Melanie has not missed any other classes. d. rational if Melanie values sleep more highly than the benefit she expects to receive from attending the class.