The Panic of 1907 Began When

question 87

Multiple Choice

The Panic of 1907 began when:

• A)the Knickerbocker Trust failed.
• B)Teddy Roosevelt signed the Sherman Antitrust Act.
• C)the Federal Reserve was established.
• D)national banks were allowed to issue their own bank notes.

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Definitions:

Substitutes

Goods or services that can be used in place of each other; as the price of one increases, the demand for the other increases.

Price Inelastic

Describes a situation where the demand for a product does not significantly change with a change in its price.

Gasoline Demand

The total quantity of gasoline that consumers are willing and able to purchase at various prices, within a given time period.

Equilibrium Price

The price at which the quantity of a good demanded equals the quantity of the good supplied.