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3. The terms Federal Reserve Banks and commercial banks can be used interchangeably. A. True B. False 4. The 7 Board of Governors also serve as members of the Federal Open Market Committee ("FOMC"). A. True B. False 5. Which group is responsible for monetary policy? A. Judicial branch B. Congress C. Executive Branch Committee D. Money Supply Committee E. Federal Deposit Insurance Corporation (FDIC) F. Federal Open Market Committee

3. The terms Federal Reserve Banks and commercial banks can be used interchangeably. A. True B. False 4. The 7 Board of Governors also serve as members of the Federal Open Market Committee ("FOMC"). A. True B. False 5. Which group is responsible for monetary policy? A. Judicial branch B. Congress C. Executive Branch Committee D. Money Supply Committee E. Federal Deposit Insurance Corporation (FDIC) F. Federal Open Market Committee

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter11: The Monetary System
Section: Chapter Questions
Problem 5CQQ
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Please answer the questions 3,4 and 5:

3. The terms Federal Reserve Banks and commercial banks can be used interchangeably. A. True B. False 4. The 7 Board of Governors also serve as members of the Federal Open Market Committee ("FOMC"). A. True B. False 5. Which group is responsible for monetary policy? A. Judicial branch B. Congress C. Executive Branch Committee D. Money Supply Committee E. Federal Deposit Insurance Corporation (FDIC) F. Federal Open Market Committee
Transcribed Image Text:3. The terms Federal Reserve Banks and commercial banks can be used interchangeably. A. True B. False 4. The 7 Board of Governors also serve as members of the Federal Open Market Committee ("FOMC"). A. True B. False 5. Which group is responsible for monetary policy? A. Judicial branch B. Congress C. Executive Branch Committee D. Money Supply Committee E. Federal Deposit Insurance Corporation (FDIC) F. Federal Open Market Committee
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