newest on the Fed
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| Oregon is in the _____ Federal Reserve District which has a Federal Reserve Bank in _______. | 12th; San Francisco
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| Who is the current Chair of the Federal Reserve? | Jerome Powell
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| What must the government do to reduce high inflation? | Decrease spending and target a higher federal funds rate
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| What tool does the Fed rely on the most in conducting policy? | the interest on reserve balances (IORB)
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| If the FOMC decides there are not ample reserves in the banking system, it will ___________ government bonds. | buy
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| Members of the Board of Governors of the Federal Reserve are appointed by the ______________ and serve _______ - year terms | President; 14
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| Federal Open Market Committee consists of how many voting members? | 12 (the 7 Board of Governors and 5 of the 12 district bank presidents)
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| The Federal Reserve System is controlled by ________. | The Board of Governors of the Federal Reserve
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| The Federal Reserve System can best be described as the ________________________ system of the United States | central banking
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| True or False: The Federal Reserve is controlled by Congress and the President. | False (it is an independent government agency)
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| When the Fed targets a higher federal funds rate to decrease spending and lower prices, it may cause unemployment to ___________ . | increase
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| To reach its target of a lower federal funds rate, the Fed should _________ its administered rates.. | lower
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| To increase the money supply, the Fed should _________ bonds. | buy
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| To fight unemployment, the Fed should target a ________ federal funds rate. | lower
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| To lower inflation, the Fed should target a ___________ federal funds rate. | higher
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| If the economy is in the contraction phase of the business cycle, the Fed should pursue a(n) __________________ monetary policy | expansionary (easy-money)
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| If the economy is experiencing high prices, the Fed should pursue a(n) __________________ monetary policy. | contractionary (tight-money)
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| If the economy is experiencing a recession and workers are being laid off, then the Fed should pursue a(n) _____________ monetary policy. | expansionary (easy-money)
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| If unemployment is at an all-time low, but prices are rising quickly, the Fed should pursue a(n) ______________ monetary policy. | contractionary (tight-money)
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| If GDP is growing steadily, and prices are rising sharply, then the Fed should pursue a ___________________ monetary policy. | tight-money (contractionary)
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| If the United States is experiencing high unemployment, then the Fed should pursue a ______________ monetary policy. | expansionary (easy-money)
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| If prices are stable, and the GDP is growing at a 4 percent pace and unemployment is at an all-time low, the Fed should pursue a(n)_______________ monetary policy. | do nothing
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| This is the interest rate that the Federal Reserve charges when it makes loans to commercial banks. | discount rate
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| This is the Fed buying and selling bonds to alter the money supply. | open market operations
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| This is the interest rate that banks charge each other on overnight loans. | federal funds rate (FFR)
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| This is the interest rate that a broad set of financial institutions, such as money market funds, can earn on deposits with the Fed. | overnight reverse repurchase agreement offering rate (ON RRP)
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| This is the interest rate that banks earn from the Fed on the funds they deposit in their reserve balance accounts. | interest on reserve balances (IORB)
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| What should the Federal Reserve should do if car prices are up by 10%? | do nothing
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| What should the Federal Reserve do if GDP declined from 4 percent to less than 1 percent in the last year? | easy money policy (expansionary monetary policy)
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| What should the Federal Reserve do if the CPI (Consumer Price Index) and PPI (producer Price Index) have risen 4 percent in the last three months? | tight money policy (contractionary monetary policy)
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