A 1977 Amendment to the Federal Reserve Act of 1913

question 21

Multiple Choice

A 1977 amendment to the Federal Reserve Act of 1913

• A)requires the Federal Reserve to place more weight on promoting price stability than on promoting maximum employment.
• B)requires the Federal Reserve to place more weight on promoting maximum employment than on promoting price stability.
• C)requires the Federal Reserve to place equal weight on promoting price stability and maximum employment.
• D)says the Federal Reserve should promote price stability and maximum employment,but does not specify how the Federal Reserve should weight these goals.

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Definitions:

Discharged by Agreement

A situation where the parties involved decide to release each other from the obligations of a contract, effectively ending the contract.

Operation of Law

Changes in legal rights or obligations that occur automatically due to established legal rules, without the need for action by the parties involved.

Discharged

Refers to the completion or termination of an obligation or responsibility, such as a debt being paid off or a contractual duty being fulfilled.

Frustration of Purpose

A legal doctrine that excuses a party from fulfilling a contract when an unforeseen event undermines the contract's original reason.