1. How long is the term in office of a member of the Fed Board of Governors?
A) 5 years
B) 8 years
C) 14 years
D) 18years
2. The interest rate the Federal Reserve Bank of Boston would have to pay to borrow funds from the Federal Reserve Bank of St Louis is called the:
A) prime rate
B) discount rate
C) inflation rate
D) fed funds rate
3. If the Fed were to raise the reserve requirement for banks in the banking system it would be directed towards achieving which economic goal:
A) tight money
B) easy money
C) a recession
D) a growth period