The US Banking System Is Considered to Be a Dual System

question 47

Multiple Choice

The U.S. banking system is considered to be a dual system because

• A)banks offer both checking and savings accounts.
• B)it actually includes both banks and thrift institutions.
• C)it is regulated by both state and federal governments.
• D)it was established before the Civil War,requiring separate regulatory bodies for the North and South.

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Definitions:

Tax Rates

The percentage at which an individual or corporation is taxed on their income or profits.

Economic Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in GDP, real income, employment, industrial production, and wholesale-retail sales.

Keynesian View

An economic theory proposing that government intervention, through monetary and fiscal policy, can mitigate the adverse effects of recessions and depressions.

Balanced Budget

A financial statement demonstrating that revenues and expenditures are equal, leading to no deficit for the period.