Investment banks differ from commercial banks in the fact that
A) investment banks work only with wealthy customers while commercial banks work only with private firms.
B) commercial banks sell stocks on behalf of their customers while investment banks just finance loans.
C) commercial banks issue stocks and bonds while investment banks do not.
D) investment banks help other financial institutions and governments engage in financial markets while commercial banks work with individuals.
E) commercial banks service the needs of local governments while investment banks work with the federal government.
Question 2
Suppose the Fed had tried to keep the exchange rate at its 2001 level. In that case the Fed would have ________ dollars and its foreign reserves would have ________.
A) bought; decreased
B) sold; increased
C) sold; decreased
D) bought; increased
E) None of the above is correct because the Fed cannot affect the exchange rate.
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