The Federal Reserve System began operating in 1914, finally
(a) giving the U.S. its first 100 percent gold-backed paper money.
(b) creating a privately-owned system for clearing checks on a national scale.
(c) giving the U.S. its first government-owned central bank.
(d) giving the U.S. its first unified currency issue, the Federal Reserve Note.
(b)
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If potential GDP increases, then the
A) real wage rate increases. B) real wage rate falls. C) aggregate supply curve shifts leftward. D) aggregate demand curve shifts rightward. E) aggregate supply curve shifts rightward.
If the current unemployment rate is 5%, under which of the following circumstances would you expect the Fed to use expansionary monetary policy?
A) if the inflation rate is below 5% B) if the natural rate of unemployment is above 5% C) if the natural rate of unemployment is below 5% D) if the inflation rate is above 5%