Which of the Following Describes the "Invention" of Banking

question 31

Multiple Choice

Which of the following describes the "invention" of banking?

• A)The United States government founded the Federal Reserve in 1913.
• B)Members of the New York Stock Exchange founded the Bank of America in the 1700s.
• C)Clergy in the Renaissance created the banking system to help further the growth of the church.
• D)The British Empire created a banking system to fund its exploration of the New World.
• E)Goldsmiths in the sixteenth century issued gold receipts which entitled their owners to reclaim their gold on demand.

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Definitions:

Inductive Reasoning

A method of reasoning in which general conclusions are drawn from specific observations or instances.

Economic Stability

A condition in which an economy experiences steady growth, low inflation, and low unemployment.

Unemployment

The situation where individuals who are capable of working and are actively seeking work remain jobless.

Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, eroding purchasing power over time.