Final answer:
The Federal Reserve System is referred to as a quasi-governmental agency because it combines private ownership with public control, thus the correct answer is c) It has both private and government elements.
Step-by-step explanation:
The Federal Reserve System is sometimes referred to as a quasi-governmental agency because it has both private and government elements. This means the correct answer is c) It has both private and government elements. The Federal Reserve, also known as the Fed, is owned by private member banks, which suggests a private element; however, it is also publicly controlled through a Board of Governors appointed by the President of the United States and confirmed by the Senate, highlighting its governmental aspect. This unique structure allows the Fed to operate as the nation's central bank, overseeing monetary policy and ensuring the stability of the financial system without being subject to direct political pressure.