The largest financial intermediaries are ().
A. insurance companies
B. finance companies
C. banks
D. all of the above
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Money is defined as ().
A. anything that is generally accepted in payment for goods and services or in the repayment of debt
B. bills of exchange
C. a riskless repository of spending power
D. all of the above
Which of the following can be described as involving indirect finance?
A corporation takes out loans from a bank.
B. People buy shares in a mutual fund.
C. A corporation buys commercial paper in a secondary market.
D. Both“takes out loans from a bank”and "buy shares in a mutual fund" are indirect finance.
Financial markets improve economic welfare because ().
A. they allow funds to move from those without productive investment opportunities to those who have such opportunities
B. they allow consumers to time their purchases better
C. they weed out inefficient firms
D. they do A and B of the above
Financial intermediaries ().
A. exist because there are substantial information and transaction costs in the economy
B. improve the lot of the small saver
C. are involved in the process of indirect finance
D. do all of the above
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