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The overall responsibility for the operation of the bank of Canada is held by the ____.
A) Board of Directors
B) Federal Government
C) Ministry of Finance
D) Provincial governments
Answer: A
Diff: 1 Type: MC Page Ref: 355
Skill: Recall
Objective List: 15.1 Classify the institutional structure of the Bank of Canada as well as four of
the most important foreign central banks
The Board of Directors appoints the governor of the Bank of Canada for a renewable term of
____ years.
A) seven
B) five
C) eight
D) six
Answer: A
Diff: 1 Type: MC Page Ref: 355
Skill: Recall
Objective List: 15.1 Classify the institutional structure of the Bank of Canada as well as four of
the most important foreign central banks
The Bank of Canada quarterly Monetary Policy Report is published every ____,
____, ____ and ____.
A) January; April; July; October
B) February; May; August; November
C) March; June; September; December
D) January; February; August; December
Answer: A
Diff: 2 Type: MC Page Ref: 355
Skill: Recall
Objective List: 15.1 Classify the institutional structure of the Bank of Canada as well as four of
the most important foreign central banks
Describe the structure of the Bank of Canada.
Answer: The overall responsibility for the operation of the Bank of Canada rests with the Board
of Directors which consists of fifteen members. The governor, the senior deputy governor, the
deputy minister of finance and twelve outside directors. The board appoints the governor and the
senior deputy governor with the governments approval for a term of seven years. The outside
directors are appointed by the minister of finance for a three-year term and they are required to
come from all regions of Canada and a variety of occupations with the exception of banking.
Diff: 3 Type: SA Page Ref: 355
Skill: Recall
Objective List: 15.1 Classify the institutional structure of the Bank of Canada as well as four of
the most important foreign central banks