ECON2200 Exam 3 Notes 9

ECON2200 Exam 3 Notes 9 - ECON 2200 Multiple Choice Under...

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ECON 2200 Multiple Choice Under the bimetallic standard, if the mint value (silver:gold) was 15:1 and the market value was 14:1, then ONLY GOLD WOULD CIRCULATE AS MONEY The National Bank Act of 1863 included all of the provisions: 1) act established paper currency of standardized design for use by national banks 2) required national banks’ assets to include a certain amount of treasury bonds 3) required national banks to hold a mandated percentage of their liabilities as reserves. EXCEPT: The act created a clearinghouse that could be used by only national banks. In 1865, Congress raised the tax on state bank notes to 10% of the value of notes in circulation. In 40 years following this tax increase the number of state banks FIRST FELL, THEN ROSE Which of the following statements accurately reflects features of the Federal Reserve Act of (1913) 1) Federal Reserve district banks held the cash reserves of member banks 2) Member banks owned the stock of the Federal Reserve district banks 3) Membership in the Federal Reserve system was required for all national banks
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ECON2200 Exam 3 Notes 9 - ECON 2200 Multiple Choice Under...

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