Economics Money and Banking Questions

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Question 1 (1 point)· Answer each of the three questions (A-C) below. Keep the A – C numbering for your answers.· Each answer can be short, ex: Unemployment rate: X%· You may have to copy and paste the links into your browserA. List the goals for US monetary policy.B.  What is the current US unemployment rate? You can look up the answer on https://www.bls.gov/  You will find the unemployment rate on the right hand side of the BLS home page. (Bureau of Labor Statistics)C. What was the overall inflation rate for all items over the past 12 months for the US? You will find the inflation rate in the Consumer Price Index press release from August 10 (also from BLS): (See the table) https://www.bls.gov/news.release/cpi.nr0.htmQuestion 1 options:

Question 2 (1 point)Given the latest data for inflation and unemployment:A. Discuss briefly how the latest data compare to the goals of the Fed. Are the current unemployment and inflation rates higher, lower or at the Fed’s targets?B. In the current situation, what monetary policy do you suggest for the Fed? Explain briefly why this is your suggestion.Question 2 options:

Question 3 (1 point)Follow the link to the meeting calendar for the FOMC: (you may have to copy and paste the link.) https://www.federalreserve.gov/monetarypolicy/fomccalendars.htmLook for the “statement” from the last meeting of the FOMC.Follow the link to the HTML (or look at the first page of the PDF) of the “statement” to answer the questions below.1.   When was the last meeting? (Make sure you find the LAST meeting, not the one on the top.)2.   What was decided about interest rates? (were they increased, decreased, or kept constant?)3.   What is the current range of the federal funds rate?Question 3 options:

Question 4 (1 point)1. Give an example of an economic situation where the Federal Reserve would decide to increase interest rates.2. Explain one way that higher interest rates may affect the economy, unemployment and the inflation rate. Make sure you explain HOW higher interest rates will work on the economy.Question 4 options:

Question 5 (1 point)In January, the federal funds rate level was much lower than today. The Fed then stated that they would start raising interest rates soon. What do you think the effect of this statement was on long-term interest rates? Explain briefly why.Question 5 options:

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