(Answered) 1 how is the chairman of the board of governors selected2

Management Studies

1. How is the Chairman of the Board of Governors selected.

2. What is the makeup and purpose of the Federal Open Market Committee?

3. List and briefly describe the major functions of the Federal Reserve System.

4. Assume that the required reserve ratio is 10%. If the Federal Reserve buys a $10,000 government bond from an individualin the economy, what is the initial effect on the money supply? What is the ultimate effect on the money supply?

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