How is accountability achieved for the Federal Reserve and is it clear?

What will be an ideal response?

The Congress of the United States has set the Fed's objectives. The Congress certainly has the power to alter the structure and the independence of the Fed. In a sense the Fed then is accountable to the Congress to meet these objectives. The problem lies in the vagueness of the objectives. Congress has given the Fed objectives that are quite vague and result in ambiguity. Some people see the ambiguity as an advantage in that it really does give the Fed more freedom to set their own goals.

Economics

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"Currency" is a more encompassing term than "money" to denote acceptable mediums of exchange

Indicate whether the statement is true or false

Economics

Suppose that smoking creates a negative externality. If the government does not interfere in the cigarette market, then

a. the equilibrium quantity of cigarettes smoked will equal the socially optimal quantity of cigarettes smoked. b. the equilibrium quantity of cigarettes smoked will be greater than the socially optimal quantity of cigarettes smoked. c. the equilibrium quantity of cigarettes smoked will be less than the socially optimal quantity of cigarettes smoked. d. There is not enough information to answer the question.

Economics