At One Time, the Country of Sylvania Had No Banks

question 23

Multiple Choice

At one time, the country of Sylvania had no banks, but had currency of $10 million. Then a banking system was established with a reserve requirement of 20 percent. The people of Sylvania 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 Sylvania now hold?

• A)$2 million
• B)$5 million
• C)$8.33 million
• D)$9.09 million

Understand the concept of offers, including what constitutes an offer and how it can be revoked.

Identify and explain the requirements and conditions for a legally binding contract.

Analyze the impact of advertisements on contractual obligations.

Evaluate the conditions under which an offer can be considered irrevocable.

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Definitions:

Starting Materials

The substances used at the beginning of a synthesis or a chemical reaction.

Reactivity

The inclination of a substance to participate in a chemical reaction, alone or in combination with other substances.

Substrates

Materials or substances on which enzymes act or upon which chemical processes occur.

2-Chlorobutane

An organic compound consisting of a four-carbon chain (butane) with a chlorine atom substituted at the second carbon.