Statement I: as Business and Banking Activity Moved West,the Congress

question 199

Multiple Choice

Statement I: As business and banking activity moved west,the Congress accommodated them by shifting a few Federal Reserve District Banks from the east and Midwest to the western states.
Statement II: A president usually gets to select the entire Federal Reserve Board that serves during his tenure.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Resulting Trust

A trust implied by law when property is transferred under circumstances suggesting the transferor does not intend the recipient to have beneficial interest in the property.

Express Trust

A trust created either while the settlor is alive or by will.

Created

Brought into existence; originated or produced something new.

Family Waqf

An endowment made by a Muslim for religious, educational, or charitable purposes, typically for the benefit of family members.