In the following passage, some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the given alternatives. The Federal Reserve System, created with the __(1)__ of the Federal Reserve Act on December 23, 1913, is the central banking sy

In the following passage, some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the given alternatives.

The Federal Reserve System, created with the __(1)__ of the Federal Reserve Act on December 23, 1913, is the central banking system of the United States. It is popularly known as the Federal Reserve or __(2)_ _, the Fed. The Federal Reserve System was created with the belief that centralised, regulated control of the nation’s monetary system would help __(3)__ or prevent financial crises like the Panic of 1907. In creating the Fed, Congress sought to maximise employment, __(4)__ the prices of goods and services, and moderate the long-term effects of changes in the interest rate. Various events like the Great Depression in the 1930s and the Great Recession during the 2000s have resulted in the __(5)__ and expansion of the Federal Reserve System’s roles, responsibilities, and authorities. Banking in the United States before the __(6)__ of the Federal Reserve System was, to say the least, chaotic. Under the Federal Reserve Act of 1913 and __(7)__ over the years, the Federal Reserve System conducts America's monetary policy and maintains the stability of America's financial system. Its other functions include supervising and __(8)__ banks and protecting consumers' credit rights. It provides __(9)__ services to the U.S. federal government, the public, financial institutions, and foreign financial institutions. The Federal Reserve makes loans to commercial banks and is __(10)__ to issue the Federal Reserve notes that comprise America's entire supply of paper money.

Which of the following word fits the blank labeled as (1)?

1). Entitled 
2). Enactment 
3). Enchantment 
4). Respire 

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