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MULTIPLE-CHOICE QUESTIONS

 

1.Number of Federal Reserve Governors plus size of FOMC less number of Federal Reserve banks equals:

a.  9.

b.  7.

c. 14.

d. 12.

 

2.Which of the following can be associated with original objectives of the Fed?

a.coordinate an efficient payments mechanism.

b.provide an elastic money supply.

c.serve as  lender of last resort.

d.all of the above

 

3.The primary responsibility of the Federal Open Market Committee (FOMC) is to

a.set monetary policy

b.supervise and examine member banks.

c.guarantee excess reserves to National Banks.

d.enforce margin requirements

Use this data to answer questions 4-6:

Total Reserves $80,000,000; Reserve Requirement 5%; Total Deposits $700,000,000.

 

4.Using the data above, the level of excess reserves is

a. $ 4,000,000

b. $ 45,000,000

c. $ 70,000,000

d. not ascertainable

 

5.The data above exemplify

a.an arguable underutilization of resources, at least for the moment

b.an excess reserve position

c.a near-term likelihood that loans and deposits will expand

d.all  of the above

 

6.The data above could exemplify a direct, immediate effect of any of the following except

a.an open market sale by the Fed

b.a lowering of reserve requirements by the Fed

c.a new loan at the Discount Window by the Fed

d.an open market purchase by the Fed

 

7.The asset of Federal Reserve banks associated with open market operations is

a.Federal Reserve notes.

b.U.S. government securities.

c.loans to member banks.

d.float.

 

8.The Treasury draws most of its checks upon

a.the Comptroller of the Currency.

b.national banks.

c.Federal Reserve banks.

d.its own required reserves

 

9.For what purposes do depository institutions keep deposits in the Federal Reserve banks?

a.for clearing checks

b.to satisfy reserve requirements

c.to earn interest

d.a and b

 

10.Federal Reserve notes held in bank vaults are the liability or obligation of

a.the Fed.

b.the Treasury.

c.the bank.

d.none of the above

 

 

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