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.
c
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Regarding the law of supply, which of the following statements is correct?
A) As the price of a good or service rises, the quantity supplied will increase. B) As the price of a good or service rises, the quantity supplied will decrease. C) The ceteris paribus assumption does not apply. D) As demand falls, supply rises.
The portion of consumer surplus that would have existed in a perfectly competitive market but is unobtainable by anyone in society under a monopoly is known as
A) monopoly profits. B) an unattainable surplus. C) a deadweight loss. D) an external cost.