By law, banks are required to
A) hold 100 percent of customer deposits as reserves.
B) hold a fraction of demand deposits as reserves.
C) hold a fraction of their reserves at the Federal Reserve bank.
D) lend out no more than the amount of their required reserves.
Question 2
If a nation with a low level of GDP per capita converges to a richer nation, the poor nation
A) enters into a free trade agreement with the richer nation.
B) experiences low growth rates.
C) experiences a rate of high growth such that its GDP per capita increases to that of the richer nation.
D) experiences a rate of low growth such that its GDP per capita increases to that of the richer nation.
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