Your psychology exams are intended to assess your mastery of a representative sample of course material. If the exam actually does this, it is said to:

Have Content validity

Explanation:

Content Validity is a term often used in a research study to depict the level at which the component or content of an exam given to participants comprises all the aspects of the subjects or topics the exam seeks to measure.

Hence, in this case, given that the exams are intended to assess mastery of a representative sample of course material and it actually does this, it is said to "have CONTENT VALIDITY"

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answer; the federal reserve system;