Asked by Barrett Thompson on May 08, 2024
Verified
Which statement is true?
A) We have had a central bank since 1789.
B) We have never had a central bank.
C) Our central bank was formed in 1913.
D) We did not have a central bank prior to the Federal Reserve.
Central Bank
The main financial institution of a country, which regulates the money supply and interest rates and oversees the banking system.
1913
A year notable for several key historical events, including the ratification of the 16th Amendment to the U.S. Constitution, introducing the federal income tax.
- Acknowledge the progression and pivotal role of the Federal Reserve in the American banking system.
Verified Answer
SA
Samuel AndradeMay 12, 2024
Final Answer :
C
Explanation :
Our central bank, the Federal Reserve, was formed in 1913. Therefore, option C is the correct answer. Options A and B are incorrect because they are mutually exclusive and cannot both be true. Option D is false because there were other central banking systems in place before the establishment of the Federal Reserve.
Learning Objectives
- Acknowledge the progression and pivotal role of the Federal Reserve in the American banking system.