As a Way of Stemming the Decline in the Number

question 73

Multiple Choice

As a way of stemming the decline in the number of savings and loans and mutual savings banks,the Garn-St.Germain Act of 1982 allowed

• A) money market certificates.
• B) money market mutual funds.
• C) money market deposit accounts.
• D) negotiable order of withdrawal accounts.

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Definitions:

Normal Goods

Goods for which demand increases as the income of individuals increases, and vice versa.

Income Elasticity of Demand

An indicator of the responsiveness of the demand for a product to variations in consumer income.

Cross-Price Elasticity of Demand

A measure of how much the quantity demanded of one good responds to a change in the price of another good.

Quantity Purchased

The total amount of a good or service bought by consumers at a specific price level.