(These questions are for Tuesday, Nov. 28.)

What are the four ways that Fed organization can be divided?

What are the Board of Governors' duties and responsibilities with regard to monetary policy?

Where does most of the Fed's income come from? What features of the Fed help to make it independent of political pressure? How does the U.S. Constitution protect the Fed?

How many Federal Reserve banks are there? Where are they located?

Who guides the open market operations of the Fed?

Why do Federal Reserve districts cut across some state lines, and why do the directors of the district banks represent business, banking, and the general public?

What are the duties of Federal Reserve banks?

"It is impossible to know where the true power and authority in an organization lie just from examining the formal structure of the organization." Does this observation apply to the Federal Reserve System? Explain.

Evaluate: The Federal Reserve System is independent of the political process in the United States.

Evaluate: To conduct monetary policy in the national interest, the Federal Reserve System should be made independent of the political process in the United States.