1. By definition, excess reserves (of banks and the banking system) cannot be used to expand their lending.
True
False
2. In setting targets, the Fed's most important (and prominently reported) target today is the money supply growth range.
True
False
3. The President of the New York Fed is an automatic, permanent member of the Federal Advisory Council
True
False
4. The primary benefit of money is that its use reduces transactions costs.
True
False