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11) Each regional Federal Reserve Bank is owned by A) the member banks in its district. B) the Federal Deposit Insurance Corporation. C) those who purchase its stock on the open market. D) the taxpayers in its district. 12) The Board of Governors appoint __________ directors for each Federal Reserve Bank and the member banks elect __________ for the Federal Reserve Bank in their district. A) three; three B) three; six C) six; three D) six; six 13) With respect to reserve requirements on bank deposits, the Board of Governors can set them A) at any level the Board desires. B) at any level approved by the Federal Open Market Committee. C) within the bounds of the specific limits imposed by Congress. D) within the bounds of the specific limits set by the Secretary of the Treasury. 14) Reserve requirements on bank deposits are set by A) the SEC. B) the Federal Reserve board of governors. C) the Federal Reserve district banks. D) Congress. 15) The Federal Reserve’s primary monetary policy-making body is the A) Federal Open Market Committee. B) Council of Economic Advisors. C) Federal Advisory Council. D) Federal Deposit Insurance Corporation. 16) Which of the following positions is included on the Federal Open Market Committee? A) Comptroller of the Currency B) Chairman of the Council of Economic Advisors C) Chairman of the Federal Reserve Board of Governors D) Secretary of the Treasury 17) Which of the following is not a member of the Federal Open Market Committee (FOMC)? A) The entire board of governors B) Five reserve bank presidents C) The chairman of the SEC D) All of the above are members of the FOMC. 18) The Federal Reserve Bank of New York A) executes open market operations. B) sets reserve requirements. C) establishes the prime rate. D) establishes the three-month Treasury bill rate. 19) The Chairman of the Federal Open Market Committee is also A) Chairman of the Federal Deposit Insurance Corporation. B) Chairman of the Federal Reserve Board of Governors. C) Comptroller of the Currency. D) President of the New York Federal Reserve Bank. 20) When the Federal Reserve System was created in 1913, it was designed to A) play the role of a passive service agency. B) stabilize the economy through the use of open market operations. C) collect taxes for the federal government. D) mint new gold and silver coins.

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