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4. (15 points) Answer the following: (a) (5 points) Explain fractional reserve banking. (b) (5 points) What are the pros and cons of fractional reserve

4. (15 points) Answer the following: (a) (5 points) Explain fractional reserve banking. (b) (5 points) What are the pros and cons of fractional reserve banking? (c) (5 points) How would you compare these pros and cons to a gold standard

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