Which of the following led the opposition to the Second Bank of the United States?

A. William Jennings Bryan

B. Alexander Hamilton

C. James Madison

D. J.P. Morgan

E. Andrew Jackson

The correct answer is E

The Federal Reserve-Treasury Accord

A. overturned the Glass-Steagall Act.

B. ended the Great Depression.

C. enhanced the independence of the Federal Reserve.

D. established a bimetallic standard to back U.S. currency.

E. mandated full employment and balanced growth for the economy.

The correct answer is C

The Federal Reserve Act

A. was signed into law on December 23, 1913.

B. was brought about following the Panic of 1907.

C. provided a public-private model for central bank governance.

D. was maneuvered through Congress by President Woodrow Wilson.

E. all of the above

The correct answer is E

The gold standard ended

A. in 1987 following the stock market crash.

B. in 1933 as a result of a decision by Franklin Roosevelt.

C. when the New York Fed stored all the world's gold.

D. when silver coinage took hold in the early part of the 19th century.

E. none of the above

The correct answer is B

The Monetary Control Act of 1980

A. required the Fed to price its financial services competitively.

B. contributed to the proliferation of interstate banking.

C. established reserve requirements for all eligible financial institutions.

D. enabled banks to offer interest-paying accounts.

E. all of the above

The correct answer is E

Which of the following acts separated commercial and investment banking and collateralized Federal Reserve notes?

A. The National Banking Act of 1863

B. The Gramm-Leach-Bliley Act of 1999

C. The Federal Reserve Act of 1913

D. The Monetary Control Act of 1980

E. The Banking Act of 1933

The correct answer is E

Before the founding of the Federal Reserve, banking panics were common because

A. our banking system experienced liquidity problems.

B. currency notes were often counterfeited.

C. our economy was expanding and our currency was inelastic.

D. there was no mechanism in place to regulate banking activities.

E. all are correct.

The correct answer is E

The National Banking Act of 1863

A. ended the free banking era.

B. created a dual banking system and established a uniform currency.

C. banned state-chartered banks.

D. led to the establishment of the New York Clearinghouse Association.

E. all of the above

The correct answer is B

The First Bank of the United States

A. ended the Revolutionary War.

B. was the vision of George Washington.

C. was controlled by banking interests.

D. printed national bank notes.

E. all of the above

The correct answer is C

The Banking Act of 1935

A. established the FOMC as a separate legal entity.

B. set the membership of the Board of Governors at seven.

C. provided for all members of the Board of Governors to be appointed by the president and confirmed by the Senate.

D. set the term of office of a governor at 14 years.

E. all are correct

The correct answer is E