Which of the following is true about the chairman of the Federal Reserve Board of Governors?
A. The chairman is elected by the Fed regional bank presidents.
B. The chairman serves a 21-year term.
C. A new chairman is elected as soon as a new U.S. president takes office.
D. The chairman can be reappointed for more than one term.
D. The chairman can be reappointed for more than one term.
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The U.S. dollar will appreciate if inflation rises from 3 percent to 7 percent in the United States
Indicate whether the statement is true or false
Suppose a local bookstore notices that a 2 percent increase in book prices leads to a 2 percent decrease in the number of books sold. Which of the following is true?
a. Demand for books is price elastic. b. The store's sales revenue did not change. c. Demand for books is price inelastic. d. Demand for books is perfectly inelastic. e. The bookstore could increase revenue by further lowering prices.
Prior to the Great Recession of 2007-2009, labor input in the U.S. was growing at nearly:
a. 1 percent per year b. 2 percent per year. c. 2.5 percent per year. d. 3 percent per year.
Other things constant, if the Fed decreased the discount rate,
a. the earnings of the Fed would increase. b. the incentive of commercial banks to borrow from the Fed would be reduced. c. the prime interest rate would automatically decline. d. commercial banks probably would reduce their excess reserves and be more willing to extend additional loans.