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Chapter 24: Problem 15

Which of the following is not part of the Federal Reserve System? a. Council of Economic Advisors b. Board of Governors c. Federal Open Market Committee d. 12 Federal Reserve District Banks e. Federal Advisory Council

Short Answer

Expert verified
The correct answer is option a (Council of Economic Advisors) because it is not part of the Federal Reserve System but rather an agency within the Executive Office of the President.

Step by step solution

01

The Federal Reserve System is the central banking system of the United States, which consists of several entities that help to regulate and control the money supply, interest rates, and the overall economy. Some parts of this system include the Board of Governors, the Federal Open Market Committee, the 12 Federal Reserve District Banks, and the Federal Advisory Council, among others. Our goal is to determine which option among the given choices is not part of this system. #Step 2: Review the given options#

Let's go through the options one by one: a. Council of Economic Advisors b. Board of Governors c. Federal Open Market Committee d. 12 Federal Reserve District Banks e. Federal Advisory Council #Step 3: Identify the correct option#
02

Based on our understanding of the Federal Reserve System, we can see that options b, c, d, and e are all part of the system. However, option a (Council of Economic Advisors) is not part of the Federal Reserve System. The Council of Economic Advisors is an agency within the Executive Office of the President that provides economic policy advice to the President. #Step 4: Conclusion#

The correct answer is option a (Council of Economic Advisors), as it is not part of the Federal Reserve System.

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Most popular questions from this chapter

Which definition of the money supply includes credit cards, or "plastic money"? a. \(\mathrm{M} 1\) b. \(\mathrm{M} 2\) c. All of the above d. None of the above

Which of the following is in charge of the buying and selling of government securities by the Fed? a. The president b. Federal Open Market Committee (FOMC) c. Congress d. None of the above

Which of the following is part of the M2 definition of the money supply, but not part of M1? a. Checkable Deposits b. Currency held in banks c. Currency in circulation d. Money market mutual fund shares

Which of these institutions has the responsibility to control the money supply? a. Commercial banks b. Congress c. U.S. Treasury Department d. Federal Reserve System

The major protection against sudden mass attempts to withdraw cash from banks is the a. Federal Reserve. b. Consumer Protection Act. c. deposit insurance provided by the FDIC. d. gold and silver backing the dollar.
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