Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 14 Central Banks: A Global Perspective
14.1 Origins of the Federal Rerve System
1) The First Bank of the United States
A) was disbanded in 1811 when its charter was not renewed.
B) had its charter renewal vetoed in 1832.
C) was fundamental in helping the Federal Government finance the War of 1812.
D) None of the above.
Answer: A
AACSB: Reflective Thinking
2) The Second Bank of the United States
A) was disbanded in 1811 when its charter was not renewed.
B) had its charter renewal vetoed in 1832.
C) is considered to be the primary cau of the bank panic of 1907.
D) None of the above.
Answer: B
AACSB: Reflective Thinking
3) The public's fear of centralized power and distrust of moneyed interests led to the demi of the first two experiments in central banking, otherwi known as
A) the First Bank of the United States and the Second Bank of the United States.
B) the First Bank of the United States and the Central Bank of the United States.
C) the First Central Bank of the United States and the Second Central Bank of the United States.
D) the First Bank of North America and the Second Bank of North America.
Answer: A
AACSB: Reflective Thinking
4) The financial panic of 1907 resulted in such widespread bank failures and substantial loss to depositors that the American public finally became convinced that
A) the First Bank of the United States had failed to rve as a lender of last resort.
B) the Second Bank of the United States had failed to rve as a lender of last resort.
C) the Federal Rerve System had failed to rve as a lender of last resort.
D) a central bank was needed to prevent future panics.
Answer: D
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AACSB: Reflective Thinking
5) What makes the Federal Rerve so unique compared to other central banks around the world is its
A) centralized structure.
B) decentralized structure.
音标培训C) regulatory functions.
D) monetary policy functions.
Answer: B
AACSB: Reflective Thinking
14.2 Structure of the Federal Rerve System
1) Which of the following is NOT an entity of the Federal Rerve System?
A) Federal Rerve Banks
B) the Comptroller of the Currency
C) the Board of Governors
D) the Federal Open Market Committee
Answer: B
AACSB: Reflective Thinking
2) Which of the following is an entity of the Federal Rerve System?
A) the U.S. Treasury Secretary
B) the FOMC
C) the Comptroller of the Currency
D) the FDIC
Answer: B
AACSB: Reflective Thinking
3) The three largest Federal Rerve banks (New York, Chicago, and San Francisco) combined hold more than ________ percent of the asts of the Federal Rerve System.
A) 25
B) 33
C) 50
D) 67
Answer: C
AACSB: Analytical Thinking
4) The Federal Rerve Banks are ________ institutions since they are owned by the ________.
A) quasi-public; private commercial banks in the district where the Rerve Bank is located
B) public; private commercial banks in the district where the Rerve Bank is located
C) quasi-public; Board of Governors
D) public; Board of Governors
Answer: A
AACSB: Reflective Thinking
5) Each Federal Rerve bank has nine directors. Of the ________ are appointed by the member banks and ________ are appointed by the Board of Governors.
A) three; six
B) four; five
C) five; four世界史复习提纲
D) six; three
Answer: D
AACSB: Reflective Thinking
6) The nine directors of the Federal Rerve Banks are split into three categories: ________ are professional bankers, ________ are leaders from industry, and ________ are to reprent the public interest and are not allowed to be officers, employees, or stockholders of banks.
A) 5; 2; 2
B) 2; 5; 2
C) 4; 2; 3
D) 3; 3; 3
Answer: D
AACSB: Reflective Thinking
7) Member commercial banks have purchad stock in their district Fed banks; the dividend paid by that stock is limited by law to ________ percent annually.
A) four
B) five
C) six
D) eight
Answer: C
AACSB: Reflective Thinking
8) The Federal Rerve Bank of ________ hous the open market desk.
A) Boston
B) New York
C) Chicago
D) San Francisco
Answer: B
AACSB: Reflective Thinking
9) The president from which Federal Rerve Bank always has a vote in the Federal Open Market Committee?
A) Philadelphia
B) Boston
caramelC) San Francisco
D) New York
Answer: D
AACSB: Reflective Thinking
10) An important function of the regional Federal Rerve Banks is
A) tting rerve requirements.
B) clearing checks.
C) determining monetary policy.
D) tting margin requirements.
Answer: B
AACSB: Reflective Thinking
11) Which of the following functions is NOT performed by any of the twelve regional Federal Rerve Banks?
A) check clearing
B) conducting economic rearch
volunteerC) tting interest rates payable on time deposits
D) issuing new currency
Answer: C
AACSB: Reflective Thinking
12) All ________ are required to be members of the Fed.
A) state chartered banks
B) national banks chartered by the Office of the Comptroller of the Currency
C) banks with asts less than $100 million
D) banks with asts less than $500 million
Answer: B
AACSB: Reflective Thinking
13) Of all commercial banks, about ________ belong to the Federal Rerve System.
A) 10%
B) one half
C) one third
D) 90%
Answer: C
AACSB: Reflective Thinking
14) Prior to 1980, member banks left the Federal Rerve System due to
A) the high cost of discount loans.
B) the high cost of required rerves.
C) a desire to avoid interest rate regulations.
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D) a desire to avoid credit controls.
Answer: B
AACSB: Reflective Thinking
15) The Fed's support of the Depository Institutions Deregulation and Monetary Control Act of 1980 stemmed in part from its
A) concern over declining Fed membership.
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B) belief that all banking regulations should be eliminated.
C) belief that interest rate ceilings were too high.
D) belief that depositors had to become more knowledgeable of banking operations. Answer: A
AACSB: Reflective Thinking
16) Banks subject to rerve requirements t by the Federal Rerve System include
A) only nationally chartered banks.
B) only banks with asts less than $100 million.
C) only banks with asts less than $500 million.
D) all banks whether or not they are members of the Federal Rerve System.
Answer: D
AACSB: Reflective Thinking
17) The Depository Institutions Deregulation and Monetary Control Act of 1980
A) established higher rerve requirements for nonmember than for member banks.
B) established higher rerve requirements for member than for nonmember banks.
C) abolished rerve requirements.
D) established uniform rerve requirements for all banks.
Answer: D
AACSB: Reflective Thinking
18) There are ________ members of the Board of Governors of the Federal Rerve System.
A) 5
B) 7
C) 12
D) 19
Answer: B
AACSB: Reflective Thinking
19) Members of the Board of Governors are
A) chon by the Federal Rerve Bank presidents.
B) appointed by the newly elected president of the United States, as are cabinet positions.
C) appointed by the president of the United States and confirmed by the Senate.
D) never allowed to rve more than 7-year terms.
Answer: C
AACSB: Reflective Thinking
20) Each governor on the Board of Governors can rve
A) only one nonrenewable fourteen-year term.
B) one full nonrenewable fourteen-year term plus part of another term.
C) only one nonrenewable eight-year term.
D) one full nonrenewable eight-year term plus part of another term.
Answer: B
AACSB: Reflective Thinking
21) The Chairman of the Board of Governors is chon from among the ven governors and rves a ________, renewable term.
A) one-year
B) two-year
C) four-year
D) eight-year
Answer: C
AACSB: Reflective Thinking
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22) While the discount rate is "established" by the regional Federal Rerve Banks, in truth, the rate is determined by
A) Congress.
B) the president of the United States.
C) the Senate.
D) the Board of Governors.
Answer: D
AACSB: Reflective Thinking
23) Which of the followings is a duty of the Board of Governors of the Federal Rerve System?
A) tting margin requirements, the fraction of the purcha price of the curities that has to be paid for with cash
B) tting the maximum interest rates payable on certain types of time deposits under Regulation Q
C) regulating credit with the approval of the president under the Credit Control Act of 1969
D) All governors advi the president of the United States on economic policy.
Answer: A
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AACSB: Reflective Thinking
24) Which of the followings is NOT a current duty of the Board of Governors of the Federal Rerve System?
A) tting margin requirements, the fraction of the purcha price of the curities that has to be paid for with cash
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C) approving the discount rate "established" by the Federal Rerve banks
D) voting on the conduct of open market operations
Answer: B
AACSB: Reflective Thinking
25) The Federal Open Market Committee usually meets ________ times a year.
A) four
B) six
C) eight
D) twelve
Answer: C
AACSB: Reflective Thinking
26) The Federal Rerve entity that makes decisions regarding the conduct of open market operations is the
