There may NOT have been business cycles in the United States before 1854 because:
A)the country was growing too rapidly to have a recession.
B)the banking system established by Alexander Hamilton prevented business cycles.
C)monetary policy conducted by the Fed was very successful.
D)the economy was agricultural.

Question

Quizplus · Accepted Answer

The economy of the United States before 1854 was primarily agricultural, and therefore did not have the complex industrial and financial systems that are vulnerable to business cycles. The banking system and Fed monetary policy did not exist in their modern forms at that time.

There May NOT Have Been Business Cycles in the United