The Chairman of the Board of Governors serves a ________, renewable term.

Initially assume that the economy is in long-run equilibrium.  Say expected inflation falls.  As a result, real GDP will _______ in the short run and inflation will ______ in the short run, all else held constant.

Consider the market for reserves, and assume that the equilibrium federal funds rate in the market for reserves is currently between the discount rate and the interest rate paid on reserves. Say the Fed conducts an open market sale. As a result, the equilibrium federal funds rate

Which Federal Reserve Bank is arguably the most important one?    

The long-run aggregate supply curve shifts to the right for which of the following reasons?  

The primary reason that central banks exist, the Federal Reserve included, is that an economy might need

Multiple assets are considered money but others, like stocks and bonds, are not.  What ultimately determines whether an asset is money?

Say you pay $50 for soccer tickets to attend the Houston Rodeo.  This is an example of what function of money?

A change in the monetary base

The Fed’s primary monetary liabilities is called the _____ and consists of ______ and ______.