Stack #921796
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| 1) In October 2005, President Bush nominated which of the following to be chair of the Federal Reserve? A) Greenspan B) Bernanke C) Fukui D) Trichet | show 🗑
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| show | B) Former chair of the Federal Reserve
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| show | C) President of the European Central Bank
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| 4) Why has the Federal Reserve chairman often been called the second most important person in the nation? A) Because the Fed chairman has veto power over all federal spending B) Because the Fed is in control of monetary policy C) Because the Fed chair | show 🗑
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| show | A) Alexander Hamilton
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| show | C) Southern and western agrarian and small-business interests
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| Which president failed to renew the charter of the Second Bank of the United States? A) George Washington B) Andrew Jackson C) Franklin Roosevelt D) Lyndon Johnson | show 🗑
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| show | B
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| show | B
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| show | A
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| show | B
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| show | C
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| show | B
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| In 1913, Congress and the President did not envision that the Fed would control A) the money supply. B) discount loans. C) lender-of-last-resort activity. D) monetary policy. | show 🗑
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| How many Federal Reserve districts are there? A) 1 B) 2 C) 12 D) 50 | show 🗑
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| show | D
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| Which of the following cities does NOT contain a Federal Reserve bank? A) Cleveland B) Dallas C) Los Angeles D) Boston | show 🗑
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| 18) Which of the following Federal Reserve district banks was NOT a major population center at the time the Fed was created? A) New York B) San Francisco C) Richmond D) Chicago | show 🗑
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| show | D
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| show | A
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| show | D
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| show | C
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| The members of Federal Reserve district bank boards of directors who are bankers are known as A) Class A directors. B) Class B directors. C) Class C directors. D) Class D directors. | show 🗑
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| show | C
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| The members of Federal Reserve district bank boards of directors who are leaders in industry, commerce, and agriculture are known as A) Class A directors. B) Class B directors. C) Class C directors. D) Class D directors. | show 🗑
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| 26) The members of Federal Reserve district bank boards of directors appointed by the Board of Governors are known as A) Class A directors. B) Class B directors. C) Class C directors. D) Class D directors. | show 🗑
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| Which of the following is NOT an activity carried out by Federal Reserve district banks? A) Open market operations B) Issuing new Federal Reserve Notes C) Making discount loans D) Examining state member banks | show 🗑
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| 28) The Federal Reserve district banks A) do not engage in monetary policy. B) engage in monetary policy directly through discount lending. C) engage in monetary policy directly through open market operations. D) engage in monetary policy directly thr | show 🗑
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| show | C
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| What is the name of the entity, composed of Federal Reserve district bankers, that consults on monetary policy? A) The Federal Open Market Committee B) The Federal Advisory Council C) The Monetary Policy Council D) The District Bank Committee | show 🗑
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| show | B
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| What percentage of all banks in the United States belong to the Federal Reserve System? A) 5% B) 33% C) 75% D) 90% | show 🗑
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| Why did fewer state banks choose to become or remain members of the Federal Reserve System during the 1960s and 1970s? A) Nominal interest rates rose. B) The required reserve ratio rose. C) The discount rate rose. D) Open market operations declined. | show 🗑
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| The reserve tax refers to A) the tax nonmember banks must pay to the Fed on their reserves. B) the tax member banks must pay to the Fed on their reserves. C) the tax member banks must pay to the Fed on their vault cash. D) the interest earnings banks | show 🗑
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| show | C
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| show | D
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| show | C
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| 38) Members of the Board of Governors are A) elected by the district bank presidents. B) appointed by the President of the United States, subject to confirmation by the Senate. C) appointed by the National Monetary Commission. D) appointed by the Secu | show 🗑
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| 39) Members of the Board of Governors A) must resign when the President who has appointed them leaves office. B) may serve no more than three consecutive four-year terms. C) serve for life or good behavior. D) serve one nonrenewable fourteen-year term | show 🗑
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| Which of the following men has NOT served as Chairman of the Board of Governors? A) Milton Friedman B) Arthur Burns C) Paul Volcker D) Alan Greenspan | show 🗑
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| 41) What is the length of a term for the Chairman of the Board of Governors? A) One year B) Four years C) 14 years D) 28 years | show 🗑
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| 42) The margin requirement set by the Federal Reserve is the A) proportion of the purchase price of a security that an investor must pay in cash. B) difference between the interest rate banks may charge on loans and the interest rate they receive from | show 🗑
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| Which of the following is NOT a responsibility of the Board of Governors? A) Approving bank mergers B) Determining permissible activities for bank holding companies C) Carrying out open market operations D) Setting the salaries of the presidents and o | show 🗑
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| show | A
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| The national economic forecast for the next two years prepared by the staff of the Board of Governors is published in the A) green book. B) beige book. C) blue book. D) Fed book. | show 🗑
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| The Chairman of the Federal Open Market Committee is also A) the president of the Federal Reserve Bank of New York. B) the chairman of the Securities and Exchange Commission. C) the chairman of the Federal Deposit Insurance Corporation. D) the chairma | show 🗑
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| The president of which Federal Reserve bank is always a member of the Federal Open Market Committee? A) Philadelphia B) Boston C) Chicago D) New York | show 🗑
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| show | A
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| show | B
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| show | B
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| 52) Member banks A) exercise tight control over the Federal Reserve banks. B) are not owners of Federal Reserve banks. C) in practice, receive dividend payments far in excess of the 6% rate specified by law. D) have none of the rights typically grante | show 🗑
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| Elections to the boards of directors of Federal Reserve district banks A) have a sizeable impact on the conduct of monetary policy. B) typically involve only one candidate per position. C) have greatly increased in importance over the years. D) were a | show 🗑
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| show | A
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| show | D
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| The Fed does not have to go through the normal congressional appropriations process because A) its expenses are very small. B) it was given enough funds at the time of its founding to provide for its expenses indefinitely. C) its net income is more t | show 🗑
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| show | A
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| All of the following help make the Fed independent of the political process EXCEPT A) financial independence. B) chair of Fed receives a lifetime appointment. C) Board members receive a long, nonrenewable appointment. D) Board members' terms expire at | show 🗑
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| show | B
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| show | C
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| 61) Governors of the Fed often do not serve their full fourteen-year terms because A) they are removed by the President. B) they are removed by Congress. C) a new President takes office and they are compelled to resign. D) they can earn higher incomes | show 🗑
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| show | C
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| House Concurrent Resolution 133 A) requires the Fed to announce targets for the growth of monetary aggregates. B) allows the President to appoint the chairman of the Board of Governors without congressional approval. C) gives the Board of Governors a | show 🗑
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| show | B
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| The man appointed as Fed chairman by President Carter in July 1979 to lead the fight against inflation was A) Paul Volcker. B) Alan Greenspan. C) G. William Miller. D) Milton Friedman. | show 🗑
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| show | C
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| show | C
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| show | B
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| Which chairman of the Board of Governors was not reappointed by President Truman in 1948 as a result of a conflict between the Fed and the Treasury? A) Paul Volcker B) Marriner Eccles C) G. William Miller D) Milton Friedman | show 🗑
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| During the early 1980s, Paul Volcker argued that the Fed could not A) decrease money supply growth until interest rates were higher. B) increase money supply growth until the Treasury's borrowing increased. C) decrease money supply growth until the fed | show 🗑
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| The public interest view of Fed motivation holds that the Fed acts in the interest of A) the general public. B) banks. C) Congress. D) itself. | show 🗑
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| show | B
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| The principal-agent view of Fed motivation predicts that the Fed acts A) to promote the interests of the general public. B) to promote the interests of the Fed's principalthe President of the United States. C) in order to increase its power, influence | show 🗑
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| show | B
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| show | C
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| Why might Congress benefit from the Fed being self-financed? A) Self-financing increases Congressional control over the Fed. B) Self-financing reduces the Fed's exposure to external pressures. C) Self-financing gives the Fed an incentive to expand the | show 🗑
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| show | D
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| The main argument in favor of Fed independence is that A) interest rates would probably be lower if Congress controlled the Fed; thus hurting savers. B) the Constitution requires it. C) monetary policy is too important and too technical to be determin | show 🗑
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| The main argument against Fed independence is that A) in a democracy elected officials should make public policy. B) monetary and fiscal policy would be easier to coordinate if the Fed were not independent. C) the Fed has proven irresponsible on many | show 🗑
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| Apart from the United States, in countries where central bank board members serve fixed terms of office, A) none have terms as long as fourteen years. B) many serve for life or good behavior. C) all have terms longer than fourteen years. D) the head | show 🗑
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| Which central bank gained the power to set interest rates independent of the government in the late 1990s? A) Bank of England B) Bank of Canada C) Bank of China D) Federal Reserve Board | show 🗑
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| Generally, A) countries with the most independent central banks have the lowest inflation rates. B) countries with the least independent central banks have the lowest inflation rates. C) countries without central banks have the lowest inflation rates. | show 🗑
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