Unit 8 Economics Review

What is the central bank of the United States called?

• The Federal Reserve System

• Bank of America

• U.S. Treasury Department

• World Bank

• International Monetary Fund

How many regional Federal Reserve Banks are there?

• 12

• 10

• 15

• 8

Who oversees the entire Federal Reserve System?

• The Board of Governors

• The Secretary of the Treasury

• The President of the United States

• The Supreme Court

• The Department of Commerce

Where is the headquarters of the Federal Reserve located?

• Washington, D.C.

• New York City

• Chicago

• San Francisco

What is the term for the group that makes key decisions about interest rates and money supply?

• Federal Open Market Committee (FOMC)

• Securities and Exchange Commission (SEC)

• Department of the Treasury

• Office of Management and Budget (OMB)

How many members are on the Board of Governors?

• 7

• 5

• 9

• 12

Who appoints members of the Board of Governors?

• The President of the United States

• The Supreme Court

• The Secretary of State

• The Speaker of the House

What is the term length for a Board of Governors member?

• 14 years

• 4 years

• 6 years

• 10 years

Which regional Federal Reserve Bank is considered the most influential due to its location?

• The Federal Reserve Bank of New York

• The Federal Reserve Bank of Dallas

• The Federal Reserve Bank of Atlanta

• The Federal Reserve Bank of San Francisco

What is one main function of the Federal Reserve?

• To regulate the money supply and maintain financial stability

• To set tax rates for individuals

• To manage the national parks system

• To oversee public education policies