#1
Which of the following is considered the first central bank in the world?
Bank of Amsterdam
ExplanationFirst central bank established in 1609.
#2
When was the Federal Reserve System established?
1913
ExplanationEstablished by the Federal Reserve Act.
#3
What is the main function of a central bank?
Issuing currency
ExplanationControls money supply.
#4
Who authored the book 'The Wealth of Nations'?
Adam Smith
ExplanationClassic work on economics.
#5
What is the function of the Securities and Exchange Commission (SEC)?
Regulating the stock market
ExplanationEnsures fair and orderly markets.
#6
Who is often credited with the invention of modern banking?
Medici family
ExplanationInfluential Italian banking family.
#7
What was the Glass-Steagall Act aimed at?
Preventing banks from engaging in risky investments
ExplanationIntroduced to avoid banking failures.
#8
Which country was the first to introduce paper currency?
China
ExplanationPaper money introduced during Tang Dynasty.
#9
What is the primary purpose of the Basel Accords?
To regulate the banking industry
ExplanationInternational banking standards.
#10
What is the role of the International Monetary Fund (IMF)?
To promote international cooperation in monetary matters
ExplanationLender to countries in need.
#11
Which event is often considered the starting point of the Great Depression?
Stock Market Crash of 1929
ExplanationLed to economic downturn worldwide.
#12
Who is known as the 'father of modern economics'?
Adam Smith
ExplanationAuthored 'The Wealth of Nations'.