Who appoints the chair of the Federal Reserve System?
A) the Federal Open Market Committee (FOMC) B) member banks of the Federal Reserve System
C) the President of the United States D) the Senate and Congress
C
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The international institution that serves as a lender of last resort is called the
A) IBRD. B) WTO. C) IMF. D) World Bank. E) GATT.
A market failure associated with Keynesian economics is
A) pollution externalities. B) economic agents cannot agree on prices and wages that are socially efficient. C) insurance is imperfect. D) banking panics.
Which of the following best represents the equation of exchange?
A) M * P = V * Y B) M * V = P * Y C) M * Y = P * V D) M * Y * V = P
A Federal Reserve Bank is located in which of the following cities?
A) Detroit B) Baltimore C) Minneapolis D) Seattle E) Cincinnati