12. The Federal Reserve Board of Governors is comprised of: a. Twelve Members: the twelve Federal Reserve Bank Presidents. b. Twenty-four Members: two representatives from each Federal Reserve District. c. Seven Members: appointed by the President of the USA directly to the Board. d. Nine Members: three from the Senate, three from the House of Representative and three from the President's Cabinet staff. 13. The FOMC of the Federal Reserve System is comprised of a. Seven members appointed by the President of the USA and confirmed by Congress b. Ten members: the seven BOG members, one from the Senate, one from the House of Representatives, and one from the US Treasury Department c. Twelve members: the seven BOGs and five of the twelve Federal Reserve District Bank Presidents d. Twenty-four members: two representatives from each Federal Reserve District. 14. The FOMC of the FED is responsible has the direct authority) for a. Determining the level of required reserves for all financial institutions. b. Determining the level of the Discount Rate used by the individual Federal Reserve District Banks c. Determining the level of open market operations held to achieve a given monetary policy goal. d. Determining the amount of money issued by the US Treasury. 15. Which of the following is NOT a true statement concerning the operation of the FOMC of the FED: a. Since the BOG and the FRDB Presidents are present and/or voting at the FOMC meetings, all Monetary Policy tools are generally discussed and determined at these meetings. b. The Reserve Requirement is seldom an "active" monetary policy tool-it has only been changed about eleven times in the 100 year history of the FED c. The Federal Reserve FOMC Policy decisions often consider, or even target, the Federal Funds Rate to achieve Monetary Policy goals. d. The Federal Reserve must receive permission from the US Treasury for all changes to Monetary Policy before implementation taking action). 16. The FOMC a. Is the major designer of Monetary Policy for the FED. b. Is an advisory panel to the US Treasurer for Monetary Policy. e. Is an advisory panel to the President of the USA for Monetary Policy. Is an advisory panel to the Congress of the USA for Monetary Policy 17. The 12 Regional Federal Reserve District Banks: a. Are owned by the FED (Federal Reserve Bank), so that the FED receives District Bank's operations each year