45. What is the Fed's usual facility as lender of last resort?

a. The Weekly auction

b. None of the answers

c. The Daily auction

d. The discount window

e. All of the answers

46. What is the Federal Reserve discount window?

a. All of the answers

b. None of the answers

c. Fed providing short-term funding to banks

d. Fed providing long-term funding to banks

e. Fed providing equity to banks

47. What is the function(s) of money market funds?

a. They are a funding source for non-financial businesses

b. None of the answers

c. They are a funding source for financial companies

d. They buy commercial paper

e. All of the answers

48. What is the interbank market?

a. None of the answers

b. All of the answers

c. lending from the Treasury to banks

d. lending between banks

e. lending done by the SEC

49. What is the key difference between the US central bank and that of the Bank of Canada?

a. The Bank of Canada is more concerned about short term rates

b. The US central bank is more worried about debts

c. None of the answers

d. All the answers

e. The Bank of Canada worries more about the deficit

50. What is the key difference between the US central bank and that of the Bank of Canada?

a. The Bank of Canada is more concerned about short term rates

b. All the answers

c. The US central bank has a mandate for inflation and full employment

d. The Bank of Canada worries more about the deficit

e. None of the answers

51. What is usury?

a. Control of prices by national governments

b. Rates set by the Central bank

c. Borrowers demanding easier terms

d. Lenders demanding longer periods to pay off

e. None of the answers

52. What is/are the structural issues sited by Ben Bernanke that holding the economy back in 2012?

a. The mortgage market

b. Credit extensions

c. The housing market

d. None of the answers

e. All of the answers

53. What is/are the vulnerability/ies in the private sector that Ben Bernanke identified?

a. None of the Answers

b. All of the Answers

c. Banks had taken on risk that they did not understand

d. Banks relied on too much short-term debt

e. Borrowers had taken on too much debt

54. What other regulatory agencies did the Fed worked with during the crisis in the fall of 2008

a. the Treasury

b. All of the answers

c. SEC

d. FDIC

e. None of the answers

55. What rate of inflation has the Fed defined as price stability?

a. The target is 2% inflation

b. None of the Answers

c. The Fed does not have a target

d. All of the Answers

e. The target varies with the employment number

56. What role did short term funding by banks have in the USA crisis of 2008?

a. There was a term mismatch between long dated assets and short dated debt

b. Short term funding lead to liquidity problems

c. None of the Answers

d. All of the Answers

e. Banks got their funding from institutional depositors who worry about safety

57. What role did short term funding by banks have in the USA crisis of 2008?

a. There was a term mismatch between long dated assets and short dated debt

b. None of the Answers

c. Short term funding led to liquidity problems

d. Banks got their funding from institutional depositors who worry about safety

e. All of the Answers

58. What vulnerability/ies in the public sector did Ben Bernanke identified?

a. There was not enough attention paid to the overall financial system

b. None of the Answers

c. The financial regulatory structure did not keep current

d. All of the Answers

e. Gaps in the regulatory structure

59. What was the effect(s) of Large-Scale Asset Purchases (LSAP)?

a. All of the answers

b. None of the answers

c. Bernanke stated that LSAPs guarded against the risk of deflation

d. LSAP allowed the government to issue more debt

60. What was the Fed funds rate in September 2007?

a. 1.0%

b. 2.0%

c. 6.0%

d. 5.25%

61. When are you more likely to be better off?

a. when your wages rise by less than the rate of inflation

b. when your wages and inflation rise by the same amount

c. when your wages rise by more than the rate of inflation

d. when neither your wages nor inflation change

62. When did the German hyperinflation take place?

a. After the First World War, in 1922 and 1923

b. Shortly before the First World War, from 1909 until 1912

c. After Hitler came to power, from 1934 until 1937

d. During the First World War, in 1915 and 1916

63. When did the Great Depression take place?

a. The 1920s

b. The 1950s

c. The 1940s

d. The 1930s

64. When is the deadline for filing personal income tax returns in Canada?

a. Deadlines differ across the country

b. March 31

c. April 30

d. December 31

65. When the federal government spends more money in a given year than it receives, what do we call the difference?

a. a national surplus

b. a budget surplus

c. a budget deficit

d. the national debt

66. When the federal government spends more money in a given year than it receives how can it get money to cover the difference?

a. buy gold

b. sell bonds

c. buy bonds

d. pay back debt to other countries