11. The member of the board of governor of the Fed: a. are appointed by the US President d. all of the above b. serve 14-year terms e. none of the above c. set the discount rate 12. Among the liabilities of commercial banks are: a. deposits d. all of the above b. loans e. none of the above c. bank capital 13. The Federal Open Market Committee (FOMC): a. sets required reserves d. all of the above b. determines the discount rate e. none of the above c. buys or sells security to change money or liquidity in the economy