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Free U.S. Federal Reserve Board Policy Analyst Exam Exam Questions and Answers
Last updated: March 29, 2025
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U.S. Federal Reserve Board
Policy Analyst Exam
#Question
What is the effect of a strong labor market on inflation?
A.
It stabilizes inflation
B.
It has no effect
C.
It increases inflation
D.
It decreases inflation
Correct Answer:
C
A strong labor market can lead to increased inflation as wage growth puts upward pressure on prices.
#Question
How could the Federal Reserve's decision to maintain a low federal funds rate impact the economy?
A.
It could lower spending
B.
It could stimulate growth
C.
It could cause deflation
D.
It could stabilize prices
Correct Answer:
B
Maintaining a low federal funds rate generally stimulates economic growth by encouraging borrowing and spending.
#Question
What is the primary aim of the Federal Reserve's open market operations?
A.
To regulate banks
B.
To control inflation
C.
To manage fiscal policy
D.
To influence interest rates
Correct Answer:
D
The primary aim of open market operations is to influence interest rates and liquidity in the economy.
#Question
How does the Federal Reserve respond to rising unemployment rates?
A.
Raise interest rates
B.
Increase reserve requirements
C.
Lower interest rates
D.
Decrease government spending
Correct Answer:
C
The Fed typically lowers interest rates to stimulate economic activity and reduce unemployment.
#Question
What is the consequence of prolonged low borrowing costs for consumers?
A.
Increased saving
B.
Decreased consumption
C.
Increased spending
D.
Economic contraction
Correct Answer:
C
Prolonged low borrowing costs typically encourage increased consumer spending.
#Question
How might a decrease in the reserve requirement influence bank lending practices?
A.
It discourages lending
B.
It has no effect
C.
It stabilizes lending
D.
It encourages lending
Correct Answer:
D
A decrease in reserve requirements allows banks to lend more, thus encouraging lending.
#Question
What is the likely impact on inflation if the Federal Reserve tightens monetary policy?
A.
It stabilizes
B.
It decreases
C.
It increases
D.
It fluctuates
Correct Answer:
B
Tightening monetary policy typically decreases inflation by reducing the money supply.
U.S. Federal Reserve Board Policy Analyst Exam
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