The Federal Reserve System was created by an act of Congress in ...

[newyorker26]

The Federal Reserve System was created by an act of Congress in 1933 in an effort to end a wave of bank failures brought on the Great Depression.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

Discuss the three basic types of economic systems.

[Jane]

Answer to Question 1

False

Answer to Question 2

Three basic economic systems are the traditional, command, and market systems. The traditional system is based on decisions made according to custom, and the command system answers the three economic questions through some powerful central authority. In contrast, the market system uses the impersonal mechanism of the interaction of buyers and sellers through markets to answer the What, How, and For Whom questions.