5 of 195 of 19 Items

Question

Question


5. Select the consequences of Jackson closing the National Bank. Choose 2

(2 points)
Responses

The economy became more stable.
The economy became more stable.

state banks stopped loaning money
state banks stopped loaning money

Paper money became more reliable
Paper money became more reliable

states printed too much money and loaned too much money
states printed too much money and loaned too much money

state banks did not have the gold and silver to back their loans

Answer 1

The two consequences of Jackson closing the National Bank are:

1. States printed too much money and loaned too much money.
2. State banks did not have the gold and silver to back their loans.

These responses reflect the issues that arose after the closure, such as the instability and lack of regulation in the banking system.