Final answer:
The correct option is c) Office of Price Administration.
The Office of Price Administration (OPA) was established during World War II to prevent inflation and control prices of consumer goods and essential items. It set price limits and managed a rationing system, separate from the roles of agencies like the Federal Reserve System or the Securities and Exchange Commission.
Step-by-step explanation:
The answer to the question, 'This was created as a way to monitor the prices of consumer goods to ensure proper spending by American citizens in a time of need', is c) Office of Price Administration (OPA). During World War II, the OPA was a federal agency established by President Roosevelt with the primary goal of curbing inflation and preventing profiteering by controlling prices and rationing essential and scarce items like oil, tires, food items, and rent.
The agency was responsible for setting price ceilings on most goods except agricultural commodities and instigating a rationing system that was necessary due to the demand for numerous resources for the war effort. The OPA played a crucial role in managing the economy during a critical period of American history, ensuring that resources were fairly distributed and that prices remained stable to support both the war effort and the American public.
Other federal agencies such as the Federal Reserve System have different functions, like controlling the money supply and interest rates, while the Securities and Exchange Commission is focused on regulating the securities markets. These institutions are distinct from the OPA, which was specifically created to handle price stabilization and rationing during wartime.