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50 Frederic S. Mishkin ? Economics of Money, Banking, and Financial Markets, Seventh Edition

119) Money market mutual fund shares function like

(a) checking accounts that pay interest. (b) bonds. (c) stocks. (d) currency.

(e) municipal bonds.

Answer: A

Question Status: New

120) An important feature of money market mutual fund shares is

(a) deposit insurance.

(b) the ability to write checks against shareholdings. (c) the ability to borrow against shareholdings. (d) claims on shares of corporate stock. (e) all of the above.

Answer: B

Question Status: New

121) Thrift institutions include

(a) banks, mutual funds, and insurance companies.

(b) life insurance companies, fire and casualty companies, and pension funds. (c) finance companies, mutual funds, and money market funds. (d) pension funds, mutual funds, and banks.

(e) savings and loan associations, mutual savings banks, and credit unions.

Answer: E

Question Status: New

122) Which of the following is not a goal of financial regulation?

(a) Ensuring the soundness of the financial system (b) Reducing moral hazard (c) Reducing adverse selection

(d) Ensuring that investors never suffer losses

Answer: D

Question Status: Previous Edition

123) The Federal Deposit Insurance Corporation (FDIC) regulates

(a) savings and loan associations. (b) mutual savings banks. (c) credit unions. (d) all of the above.

(e) only (a) and (b) of the above.

Answer: E

Question Status: Previous Edition

Chapter 2 An Overview of the Financial System 51

124) Savings and loan associations are regulated by the

(a) Federal Reserve System.

(b) Securities and Exchange Commission. (c) Office of the Comptroller of the Currency. (d) Office of Thrift Supervision. (e) Department of Justice.

Answer: D

Question Status: Study Guide

125) Which of the following regulates at least some commercial banks?

(a) The Office of the Comptroller of the Currency (b) The Federal Deposit Insurance Corporation (FDIC) (c) The Federal Reserve System (d) Each of the above

(e) Only (a) and (b) of the above

Answer: D

Question Status: Previous Edition

126) Which of the following examines the books of depository institutions?

(a) The Office of the Comptroller of the Currency (b) The Federal Reserve System

(c) The National Credit Union Administration (d) State banking and insurance commissions (e) Each of the above

Answer: E

Question Status: Previous Edition

127) Which of the following do not provide charters?

(a) The Office of the Comptroller of the Currency (b) The Federal Reserve System

(c) The National Credit Union Administration (d) State banking and insurance commissions

Answer: B

Question Status: Previous Edition

128) Regulations that protect against financial panics include

(a) restrictions on entry. (b) disclosure.

(c) deposit insurance.

(d) restrictions on assets and activities. (e) all of the above.

Answer: E

Question Status: New

52 Frederic S. Mishkin ? Economics of Money, Banking, and Financial Markets, Seventh Edition

129) The agency that was created to protect depositors after the banking panics of 1930–1933 is the

(a) Federal Reserve System.

(b) Federal Deposit Insurance Corporation. (c) Treasury Department.

(d) Office of the Comptroller of the Currency. (e) all of the above.

Answer: B

Question Status: New

130) An important restriction on bank activities that was repealed in 1999 was

(a) the prohibition of the payment of interest on checking deposits. (b) restrictions on credit terms.

(c) minimum down payments on loans to purchase securities.

(d) separation of commercial banking from the securities industries. (e) prohibition on ownership of municipal bonds.

Answer: D

Question Status: New

131) A goal of the Securities and Exchange Commission is to reduce problems arising from

(a) competition. (b) banking panics. (c) risk.

(d) asymmetric information. (e) all of the above.

Answer: D

Question Status: New

132) Asymmetric information is a universal problem. This would suggest that

(a) financial regulation exists only in the United States.

(b) financial regulations differ significantly around the world. (c) financial regulations in industrialized nations are similar. (d) financial regulations are unnecessary.

(e) financial regulations in industrial countries are an unqualified failure.

Answer: C

Question Status: New

133) The purpose of the disclosure requirements of the Securities and Exchange Commission is to

(a) increase the information available to investors. (b) prevent bank panics.

(c) improve monetary control.

(d) protect investors against financial losses. (e) all of the above.

Answer: A

Question Status: New

Chapter 2 An Overview of the Financial System 53

134) The primary purpose of deposit insurance is to

(a) improve the flow of information to investors. (b) prevent banking panics.

(c) protect bank shareholders against losses. (d) protect bank employees from unemployment. (e) all of the above.

Answer: B

Question Status: New

135) In order to reduce risk and increase the safety of financial institution, commercial banks and other

financial institutions are prohibited from (a) owning municipal bonds. (b) making real estate loans. (c) making personal loans. (d) owning common stock. (e) all of the above.

Answer: D

Question Status: New

Questions for Web Appendix to Chapter 2

136) U.S. Treasury bills

(a) are the safest of all money market instruments.

(b) sell at a discount because they have no interest payments. (c) are the most liquid of the money market securities. (d) are all of the above.

(e) are only (b) and (c) of the above.

Answer: D

Question Status: Previous Edition

137) U.S. Treasury bills are issued in

(a) three-, six-, nine-, and twelve-month maturities. (b) three-, nine-, and twelve-month maturities. (c) three-, six-, and twelve-month maturities. (d) three-, and six-month maturities.

Answer: C

Question Status: Previous Edition

138) U.S. Treasury bills

(a) are issued in three-, six-, nine-, and twelve-month maturities. (b) sell at a discount because they have no interest payments. (c) are the most liquid of the money market securities. (d) are all of the above.

(e) are only (b) and (c) of the above.

Answer: E

Question Status: Previous Edition