A Social Norm That Reflects How Things Are Typically Done

question 69

Multiple Choice

A social norm that reflects how things are typically done is considered ________,whereas a social norm that reflects what behaviors are approved is considered ________.

• A) descriptive; prescriptive
• B) prescriptive; descriptive
• C) normative; informational
• D) informational; normative

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Definitions:

Savings Deposits

Deposits that earn interest but have no specific maturity date.

Time Deposits

Bank deposits that cannot be withdrawn before a date specified at the time of deposit without incurring penalties.

M1

A category of the money supply that includes all physical money like coins and currency, as well as demand deposits and other liquid assets held by the central bank.

Nonbanking Public

Individuals and businesses that are participants in the financial markets but do not have the authority to accept deposits or provide banking services.