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2019 National Economics Challenge Questions from Mary C. Daly, President and CEO of the San Francisco Federal Reserve

Mary C. Daly, President of the Federal Reserve Bank of San Francisco, asked video questions for the 2019 National Economics Challenge Quiz Bowl Finals in New York City.

Thank you to the Federal Reserve Bank of San Francisco, Federal Reserve System Economic Education (SEE), and the Federal Reserve System Economic Education Program and Materials Committee for your collaboration in creating these video questions.

Answer: A systemically important financial institution is either a bank or non-bank company that could pose a risk to the entire US financial system if faced with financial distress. These firms are often called “too big to fail”.

Answer: Discount rate and the Board of Governors of the Federal Reserve System.

Answer: Primary credit, secondary credit, seasonal credit.

Answer: The members of the Board of Governors, the president of the Federal Reserve Bank of New York and 4 of the remaining Reserve Bank presidents.

Answer: Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St.Louis, Minneapolis, Kansas City, Dallas, San Francisco (Choose 4)

Answer: One year.

Answer: Deflation is the decline in the level of average prices throughout an economy to the point of being negative whereas, disinflation is the decrease of the rate of inflation from, say, 4 to 3 percent in a year. Deflation is of greater concern.

Answer: Reserves increase and the federal funds rate decreases.