The Open Market Committee is composed of
a. the 7 members of the Board of Governors.
b. the 7 members of the Board of Governors and the president of the Federal Reserve Bank in New York.
c. 12 voting members, and of these, 5 are presidents of regional Federal Reserve banks and the other 7 are the members of the Board of Governors.
d. the presidents of each of the 12 Federal Reserve banks.
C
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Which of the following statements is true?
A) Macroeconomics studies how individuals make choices. B) Microeconomics is the study of an economy as a whole. C) The study of the inflation rate is covered under microeconomics. D) The study of the unemployment rate is covered under macroeconomics.
Based on our understanding of the model presented in Chapter 3, we know that a reduction in c1 (where C = c0 + c1YD) will cause
A) the ZZ line to become steeper and a given change in autonomous consumption (c0 ) to have a smaller effect on output. B) the ZZ line to become steeper and a given change in autonomous consumption (c0 ) to have a larger effect on output. C) the ZZ line to become flatter and a given change in autonomous consumption (c0 ) to have a smaller effect on output. D) the ZZ line to become flatter and a given change in autonomous consumption (c0 ) to have a larger effect on output.