At One Time, the Country of Freedonia Had No Banks

question 113

Multiple Choice

At one time, the country of Freedonia had no banks, but had currency of $40 million. Then a banking system was established with a reserve requirement of one-third. The people of Freedonia now keep half their money in the form of currency and half in the form of bank deposits. If banks do not hold excess reserves, how much currency do the people of Freedonia now hold?

• A) $13.33 million
• B) $20 million
• C) $33.34 million
• D) $36.36 million

Learn about plant cellular structures and their functions, including companion cells.

Understand the movement of water between the apoplast and symplast.

Describe the process and significance of bulk flow in plant transport systems.

Master the mechanism of loading and unloading in phloem translocation.

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Definitions:

State Laws

Regulations and legal standards established by individual states within a federal system, which govern within their territories and may vary significantly from one state to another.

Unitary System

A form of government where all the powers are held by a single central authority, often in contrast to federal systems.

Ultimate Government Authority

The highest level of power or decision-making within a governmental structure, which oversees and guides the functioning of all other levels.

National Level

Pertains to activities or issues that encompass an entire nation, as opposed to local or regional aspects.