Bank panics in 1819, 1837, 1857, 1873, 1884, 1893, and 1907 convinced many that            B) the Second Bank of the United States served its intended role of lender of last resort.
A. the Federal Reserve needed greater control over the banking system.                     C) the Second Bank of the United States not been abolished in 1836 by President
B. the Federal Reserve needed greater authority to deal with problem banks.                     Andrew Jackson.
C. a central bank was needed to prevent future financial panics.                           D) the Federal Reserve served its intended role of lender of last resort.
D. both (A) and (B) of the above.                                                          Answer: C
Answer:C
Bank panics in 1819, 1837, 1857, 1873, 1884, 1893, and 1907 convinced many that            B) the Second Bank of the United States served its intended role of lender of last resort.
A. the Federal Reserve needed greater control over the banking system.                     C) the Second Bank of the United States not been abolished in 1836 by President
 B. the Federal Reserve needed greater authority to deal with problem banks.                     Andrew Jackson.
 C. a central bank was needed to prevent future financial panics.                           D) the Federal Reserve served its intended role of lender of last resort.
 D. both (A) and (B) of the above.                                                          Answer: C
