The Financial Panic of 1907 Resulted in Such Widespread Bank

question 53

Multiple Choice

The financial panic of 1907 resulted in such widespread bank failures and substantial losses to depositors that the American public finally became convinced that

• A)the First Bank of the United States had failed to serve as a lender of last resort.
• B)the Second Bank of the United States had failed to serve as a lender of last resort.
• C)the Federal Reserve System had failed to serve as a lender of last resort.
• D)a central bank was needed to prevent future panics.

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Definitions:

Groups

Sets of items or individuals classified together based on shared characteristics or attributes.

Soccer Team

A group of players who come together to participate in competitive soccer matches.

Outcome

The result of a single trial or realization of an experiment or random event.

P(A ∪ B)

The chance that either event A or event B, or both, will happen.