The Federal Reserve System was established by Congress in 1914
A. as a result of a breakthrough in economic theory.
B. against significant opposition from the banking sector.
C. because of the need for a central bank.
D. as the world’s first central bank.
Answer: C
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The existence of recessions highlights
a. the strengths of the Federal Reserve b. the need for the "other things equal" assumption c. our failure to consider differences between the short run and long run d. how confusing the economy can become e. the interdependence between production and income
If two goods are substitutes, an increase in the price of one will cause the demand for the other to decrease
Indicate whether the statement is true or false
Efforts to reduce the unemployment rate are likely, in the short run, to lead to
A. a decrease in the inflation rate. B. an increase in the inflation rate. C. no change in the inflation rate. D. have no impact on unemployment.
The extensors that move the leg, commonly known as the quadriceps, include the __________.
a. true b. false