SOLVED

31) Which of the following is TRUE regarding the Federal Open Market Committee (FOMC)? A) It is the main policy-making group of the Congress. B) Representatives from each state control its operation. C) It meets about every six weeks to decide on monetary policy. D) Both answers A and C are correct. 32) The monetary policy-making body of the Federal Reserve is the A) the Federal Open Market Committee B) the New York Federal Reserve Bank C) regional Federal Reserve Banks D) Board of Governors 33) Which Federal Reserve Bank president is always on the Federal Open Market Committee? A) New York B) Chicago C) St. Louis D) Boston 34) The Federal Open Market Committee of the Federal Reserve System is responsible for A) maintaining competition among the nation’s commercial banks. B) determining monetary policy actions. C) establishing the official price of gold. D) defining the foreign exchange value of the dollar. 35) The Federal Open Market Committee A) meets weekly to set Fed policy. B) has 7 voting members. C) always includes the president of the Federal Reserve Bank of New York as a member. D) does not include any members of the Board of Governors. 36) The main policy-making organ of the Federal Reserve System is the A) Board of Governors. B) Federal Reserve bank presidents. C) Federal Open Market Committee. D) Joint Congressional Committee on Monetary Policy. 37) The main policy-making body of the Federal Reserve System is the A) Board of Governors. B) Federal Open Market Committee. C) Federal Reserve Banks. D) member commercial banks. 38) The main policy-making organization of the Federal Reserve System is the ________. A) U.S. Mint B) U.S. Treasury C) Joint Congressional Committee on Monetary Policy D) Federal Open Market Committee 39) The main policy designer of the Federal Reserve system is the A) 12 district banks. B) President and Congress. C) Federal Open Market Committee. D) Council of Economic Advisors. 40) The Chairman of the Fed is appointed by ________. A) the Board of Governors of the Federal Reserve System B) the President of the United States C) Congress D) the U.S. Senate