The Need for a Lender of Last Resort Was Identified

question 42

Multiple Choice

The need for a lender of last resort was identified as far back as:

• A) the start of the Great Depression in 1929.
• B) 1913, when the Federal Reserve was created.
• C) 1873, by British economist Walter Bagehot.
• D) 1776, by the first U.S. Secretary of the Treasury, Alexander Hamilton.

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Definitions:

Organ System

In multicelled organisms, set of interacting organs that carry out a particular body function.

Quantitative Results

Outcomes of an experiment or research that are measurable and can be expressed in numerical values.

Bias

A systematic error or deviation from true measurements, observations, or interpretations, often resulting from a particular preference or viewpoint.

Subjectivity

The quality of experiences, perceptions, and feelings that exist within the mind of an individual, influenced by personal perspectives and biases.