How Were Open Market Operations Conducted Prior to 1935

question 77

Multiple Choice

How were open market operations conducted prior to 1935?

• A)They were carried out by the Federal Open Market Committee.
• B)They were carried out under the direction of the Secretary of the Treasury.
• C)They were carried out by the district Federal Reserve banks.
• D)They were carried out by the Banking Committee of the House of Representatives.

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Definitions:

Output

The quantity of goods or services produced in a given time period by a company, industry, or country.

Job Order Cost System

An accounting system that accumulates manufacturing costs separately for each order, suitable for businesses producing customized products or offering specialized services.

Process Cost System

A method of accounting used in manufacturing where costs are assigned to products based on the process they go through in production, suitable for industries where products are indistinguishable from each other.

Process Costing

A method of costing used in industries where production is continuous, assigning costs to units of output based on the process they undergo.