Choose the statement that is incorrect .

Question

Choose the statement that is  incorrect .

Accepted Answer

Fractional-reserve banking was invented by gold prospectors in the Canadian Yukon during the gold rush.

Answer

Fractional-reserve banking is a system in which banks keep a fraction of their depositors' funds as a cash reserve and lend the rest.

Answer

The Austrian School of economists say that fractional-reserve banking violates property rights because the bank has no legal right to lend a deposit to someone else.

Answer

The requirement to hold 100 percent reserves lowers bank profits.

Answer

100 percent reserve banking is a system in which banks keep the full amount of their depositors' funds as a cash reserve.

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Choose the statement that is incorrect .

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