To Stop the Run on Banks, FDR Announced __________

question 53

Multiple Choice

To stop the run on banks, FDR announced __________.

• A) the closure of five large banks
• B) the establishment of a new Bank of the United States
• C) the nationalization of the banking system
• D) a bank holiday

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Definitions:

Consumer Surplus

The gap between the total price consumers are ready to pay for a good or service and what they actually spend on it.

Grapefruit

A citrus fruit known for its slightly bitter and sour taste, commonly used in juices, culinary dishes, and as a diet staple.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive, typically representing profits.

Producer Surplus

The split between the rate producers are willing to settle for a good or service and the rate they actually collect.