The sum of the Fed's monetary liabilities and the U.S. Treasury's monetary liabilities is called

Members of the Federal Reserve Board of Governors can set monetary policy in relative independence of political pressures because

A) monetary policy is too complex to be understood by the general public. B) their authority derives from the Constitution rather than popular election. C) they are not allowed to belong to any political party. D) they hold their positions for fourteen-year terms.

The speculative demand for money relates the quantity of money demanded (or held) to

a. the level of income b. the interest rate c. the price level d. the investment opportunity e. satisfy consumption needs