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"The money supply multiplied by velocity must equal GDP" is a statement of the
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- 15-1 Which of the following correctly describes fractional reserve banking?A) the federal gov. only insures a fraction of the deposits at most banksB) banks keep a fraction of their loans with other banks to maintain the quality of their loan port.C) banks can loan out al but a small fraction of its own money, but must hold all money deposited at the bank on reserve in bank vaults.D) banks can loan out all but a fraction of its own money, but must hold all money deposited at the bank on reserve in bank vaults.
- Which of the following statements is correct?a. The total income in the economy that remains after paying for consumption and government purchases is called private saving. b. The sum of private saving and national saving is called public saving. c. For a closed economy, the sum of private saving and public saving must equal investment. d. For a closed economy, the sum of consumption, national saving, and taxes must equal GDP