The Fed rarely changes Reserve Requirements in its conduct of monetary policy.

True

False

Which of the following is the most powerful instrument of monetary policy?

open market operations

the discount rate

reserve requirements

the accordion

In 2003 if a bank held $5.0 million in transaction deposits what percentage would the bank be required to keep on reserve?

0%

3%

5%

10%

Which Federal Reserve Bank conducts the Fed System's foreign exchange actions?

Cleveland

Dallas

New York

Minneapolis