A State-Chartered Bank Which Is Not a Member of the Fed

question 23

Multiple Choice

A state-chartered bank which is not a member of the Fed is regulated by which of the following?

• A)the Federal Reserve System
• B)the comptroller of the currency
• C)its state banking authority or by the FDIC
• D)the FDIC only

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Definitions:

Price Takers

Firms or individuals who accept the market price as given and have no influence over it due to the competitive nature of the market.

Close Substitutes

Products or services that can be used in place of each other, with minimal differences perceived by the consumer.

Substitutes

Products or services that can be used in place of each other, satisfying similar consumer needs or desires.

Demand Curve

The demand curve is a graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing to purchase at various prices.