1) Members of the seven-member Board of Governors of the Federal Reserve System are appointed for _________, while the Chairman of the Board of Governors is appointed for __________. Select one: A. a fourteen year term of office; a four year term of office with reappointment possible B. an indefinite term of office; a one-time four year term of office C. a fourteen year term of office; a one-time four year term of office D. an indefinite term of office; a four year term of office with reappointment possible

2) Which of the following is true concerning Federal Reserve district bank boards of directors? Select one: A. Directors are required to serve on a full-time basis. B. All directors must be commercial bankers. C. No directors can be appointed by the Federal Reserve Board of Governors. D. None of the above.