Which of the Following Statements Concerning the Fed Is Incorrect

question 20

Multiple Choice

Which of the following statements concerning the Fed is incorrect?

• A)The Fed is the nation's central bank.
• B)The Fed acts as the banker's bank.
• C)Credit unions and savings banks must belong to the Fed.
• D)Virtually,all large commercial banks are Fed members.

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Definitions:

Bloodletting

An ancient medical treatment that involved withdrawing blood from a patient to cure or prevent illness and disease, based on an outdated theory of balancing bodily fluids.

Exorcism

A religious or spiritual practice of evicting demons or other spiritual entities from a person or place believed to be possessed.

Electroconvulsive Therapy

A psychiatric treatment in which seizures are electrically induced in patients to provide relief from mental disorders.

Severe Depression

A more intense form of depression characterized by persistent feelings of sadness, hopelessness, and worthlessness that don’t go away on their own.