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ECO4223 Exam 3 Review Questions with 100% correct answers | verified | latest update 2024
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ECO4223 Exam 3 Review Questions with 100% correct answers | verified | latest update 2024
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ECO4223 Exam 3 ReviewProvide Reserves - ANS-The termination of the Second Bank's national charter in 1836 created
a severe problem for American financial markets because there was no lender of last resort that
could _______________ to the banking system in order to avert a bank panic.
Central Bank - ANS-The 1907 panic resulted in such widespread bank failures and such
substantial losses to depositors that the public was finally convinced that a _______________
was needed to prevent future panics.
Congress - ANS-_____________ wrote an elaborate system of checks and balances into the
Federal Reserve Act of 1913, which created the Federal Reserve System with its 12 regional
Federal Reserve Banks
Federal Reserve Banks, Board of Governors, FOMC, Advisory Council, and Commercial Banks
- ANS-The Federal Reserve System initially included the following entities:
FED - ANS-The open market operations, the discount rate, reserve requirements, and interest
paid on reserves are the four policy tools of the ___________
Seven; President - ANS-The Board of Governors has _________ members and is appointed by
the ____________
Nine; Six - ANS-Each of the Twelve Federal Reserve Banks (FRBs) have ___________
directors, ___________ of which appoint the officers of the bank
2,000 - ANS-There are around __________ member commercial banks
Board of Governors; Federal Reserve Banks - ANS-The Federal Open Market Committee
(FOMC) consists of the seven members of the ________________ plus presidents of
______________
Twelve - ANS-There are __________ members of the Federal Advisory Council
Three - ANS-_____________ of the directors in each Federal Reserve Bank was appointed by
the Board of Governors
Member Banks - ANS-_______________ elect six directors to each FRB
Federal Advisory Council - ANS-FRBs are responsible for selecting the twelve members of the
____________________
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