Which of the following statements about the FDIC is untrue?
a. The FDIC conducts bank audits and examinations.
b. The FDIC helps prevent bank failures.
c. The FDIC is owned by member banks.
d. The FDIC provides demand deposit insurance for participating banks.
e. The FDIC was created in 1933.
C
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A tax levied on imported goods is called
a. an excise tax. b. a quota. c. a foreign profits tax. d. a tariff.
A person who believes the economy is self-regulating also believes that
A) when there is a surplus in the labor market, the wage rate falls, and when there is a shortage in the labor market, the wage rate rises. B) it is better if the economy is in an inflationary gap than a recessionary gap. C) prices are flexible but wages are not. D) the economy is always in long-run equilibrium. E) the real balance effect does not operate in a recessionary gap.