The most powerful individual in the Federal Reserve System is the
A. senior member of the Federal Open Market Committee.
B. Superintendent of the Board of Governors.
C. Chairman of the Federal Reserve Board.
D. New York District Bank President.
C. Chairman of the Federal Reserve Board.
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Hamid spends an hour studying instead of watching TV with his friends. The opportunity cost to him of studying is
a. the improvement in his grades from studying for the hour. b. the improvement in his grades from studying minus the enjoyment of watching TV. c. the enjoyment he would have received if he had watched TV with his friends. d. zero. Since Hamid chose to study rather than to watch TV, the value of studying must have been greater to him than the value of watching TV.
In a fractional reserve banking system:
A. the Federal Reserve has no control over the amount of money in circulation. B. the monetary system must be backed by gold. C. banks can create money through the lending process. D. bank panics cannot occur.