Final answer:
There is no single 'original limit' for ATM withdrawals; such limits have varied over time and between financial institutions. Instead, the question covers various financial concepts like ATM withdrawal limits, the definitions of M1 and M2, the inability to determine a scholarship distribution without more data, and an example of a bank's balance sheet T-account with assets, liabilities, and net worth calculation.
Step-by-step explanation:
The original limit for ATM withdrawals varies from one bank to another and also depends on the time period in question. This limit has evolved over time due to changes in consumer behavior, inflation, and advancements in technology. The options provided do not seem to correlate with a historical fact, and such a blanket statement about ATM withdrawal limits wouldn't account for these variances over time and geography.
Regarding the categorization of monetary assets, here's how each item would be classified:
- Line of credit is neither M1 nor M2 as it represents potential borrowing, not actual money.
- Traveler's checks are part of M1 when owned by consumers.
- Quarters in the pocket are considered M1 because they are currency in circulation.
- Money in a checking account is M1 because it's liquid and can be used directly for transactions.
- Money in a money market account is M2, since it's a type of savings that can be converted to cash or checking deposits.
Regarding the statistical question about students receiving scholarships of $250 or more, without additional information about the distribution of scholarships, it cannot be determined from the data given.
Concerning bank structure, here is how a T-account for a bank could be organized:
- Assets: $50 in reserves plus $70 in government bonds plus $500 in loans equals $620 in total assets.
- Liabilities: $400 in deposits.
- To calculate the bank's net worth, subtract the liabilities from assets. So, $620 in assets minus $400 in deposits gives a net worth of $220.