The Open Market Committee is composed of
a. the 7 members of the Board of Governors.
b. the 7 members of the Board of Governors and the president of the Federal Reserve Bank in New York.
c. 12 voting members, and of these, 5 are presidents of regional Federal Reserve banks and the other 7 are the members of the Board of Governors.
d. the presidents of each of the 12 Federal Reserve banks.
Question 2
Which of the following accurately describes condemnation by right of eminent domain?
(a) It involves the redistribution of property first owned by the government to private businesses.
(b) It was never exercised for such private purposes as acquiring land for canal or railroad construction during the antebellum period.
(c) The benefits can be diverse and the costs can be concentrated.
(d) It was never exercised by the federal government before the 1870s.
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