Which of the Following Was True of the Colonial Elite

question 46

Multiple Choice

Which of the following was true of the colonial elite?

• A) Like the mother country,the colonies had a titled aristocracy.
• B) They controlled colonial government.
• C) They often encountered financial trouble because they lacked connections to their counterparts back in the mother country.
• D) Most of them were as wealthy as,if not wealthier than,the British aristocracy.
• E) All of them were careful to marry outside their families.

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Definitions:

Required Reserve Ratio

The fraction of deposits that banks are mandated by the central bank to keep on hand as reserves, rather than loaning out.

Total Reserves

The sum of a bank's deposits held at the central bank and the cash held in vaults.

Checkable Deposits

Refers to deposits in bank accounts from which individuals can write checks or use debit cards to make purchases directly.

Required Reserves

The minimum amount of funds that a bank must hold in reserve against deposits, as mandated by central banking regulations.