The Board of Governors of the Federal Reserve System is
A) elected by the public.
B) elected by members of the American Banking Association.
C) appointed by the Congress.
D) appointed by the President with approval of the U.S. Senate.
D
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By the height of the housing bubble in 2005 and early 2006, lenders had greatly loosened the standards for obtaining a mortgage loan, with many mortgages being granted to ________ borrowers with flawed credit histories and ________ borrowers who did
not document their incomes. A) adjustable rate; shadow-banking B) "fresh-start"; prime rate C) sub-prime; "Alt-A" D) "credit crunch"; black market
Which of the following causes an increase in demand for a normal good?
A) increase in the price of a substitute B) increase in the price of a complement C) decrease in price D) decrease in income