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What role did J.P. Morgan play during the Panic of 1907? 1. He introduced the gold standard to calm the public. 2. He made many risky investments with customer deposits, causing the crisis. 3. He pledged significant amounts of his own money and coordinated other...

What role did J.P. Morgan play during the Panic of 1907? 1. He introduced the gold standard to calm the public. 2. He made many risky investments with customer deposits, causing the crisis. 3. He pledged significant amounts of his own money and coordinated other bankers to stabilize the financial system. 4. He became the first chairman of the U.S. Federal Reserve. What is the main difference between token money and fiat money? 1. Token money can be redeemed for gold and silver, but fiat money cannot. 2. Token money is made from natural sources like seashells or grains, but fiat money is made of bills and coins. 3. Token money is a much newer innovation than fiat money, and not yet as popular. 4. Token money has historically been popular in Asia, and fiat money in Africa. What is significant about the example of BankCo offshoring its call centre? 1. It shows how offshoring is profitable but risky, as BankCo ultimately lost revenue when faced with legal challenges. 2. It demonstrates the limits of strategic trade policy in mitigating the effect of outsourcing on domestic economies and jobs. 3. It led to dramatic but brief revenue growth at the cost of losing brand reputation due to labour rights controversies. 4. It shows how globalization does not always proceed smoothly but faces bumps in the road like cultural differences.