Homework Answers
50) c) you pay for your double latte using currency (because in this case currency is acting as an instrument to facilitate the trade which signifies the medium of exchange function of money)
51) b) currency, stocks ,fine art (since currency is the most liquid of all because it can be converted to medium of exchange with much ease whereas fine art is considered relatively illiquid )
52) b) the Bank of Canada (it holds the responsibility of formulating and regulating monetary policy and banking services for the federal government)
53) c) reserve ratio = 7% , deposits =$2000
required reserve =( reserve ratio x bank deposits)/100
= (7*2000)/100 = 140
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