The Federal Reserve System is made up of the:- ○ Board of Governors and 12 Federal Reserve district banks.- ○ Chair of the Federal Reserve, the president of the New York Federal Reserve district bank, and four other Federal Reserve district bank presidents.- ○ Chair of the Federal Reserve and 12 Federal Reserve district banks.- ○ President of the United States and 12 Federal Reserve district banks.

Answered: The Federal Reserve System is made up…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The Federal Reserve System is made up of the:

- ○ Board of Governors and 12 Federal Reserve district banks.
- ○ Chair of the Federal Reserve, the president of the New York Federal Reserve district bank, and four other Federal Reserve district bank presidents.
- ○ Chair of the Federal Reserve and 12 Federal Reserve district banks.
- ○ President of the United States and 12 Federal Reserve district banks.

Expert Solution

Step 1

The system of Federal Reserve is the United States’ central bank. It is founded in 1913 by congress to provide safety and stability in the financial and monetary system. It is made up of Board of the governor which provides leadership and appointed by president and 12 Federal Reserve banks. The board made up of 7 governors and the Reserve banks act as the operating arm of the central bank.

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