The need for a lender of last resort was identified as far back as:
A. 1913, when the Federal Reserve was created.
B. the start of the Great Depression in 1929.
C. 1776, by the first U.S. Secretary of the Treasury, Alexander Hamilton.
D. 1873, by British economist Walter Bagehot.
Answer: D
You might also like to view...
Protectionism
Suppose the government of South Island fixes the exchange rate of its currency, the Islandia, in terms of the U.S. dollar. Initially the exchange rate is set at $1 per Islandia. In a crisis, the government changes the exchange rate to $0.50 per Islandia. This is an example of a(n):
A. devaluation B. revaluation C. depreciation D. appreciation
A direct exchange of fish for corn is an example of:
a. storing value. b. a modern exchange method. c. barter. d. a non-coincidence of wants.
A public good
A. Is overproduced by the market. B. Is any good produced by the government. C. Causes government failure. D. Is subject to the free-rider dilemma.