Which of the Following Describes the "Invention" of Banking

question 360

Multiple Choice

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

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

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Definitions:

Service Sector

Businesses that provide services, rather than tangible goods.

Productivity Decrease

A reduction in the efficiency at which an organization or economy converts inputs into outputs, often leading to lower output per unit of input.

Capital Intensive

Refers to businesses or industries that require large amounts of money and resources to produce goods or services.

Service-Related

Pertaining to activities or businesses that focus on providing services, rather than producing goods, to customers or clients.