1. The BLS recently reported an increase in overall US employment in March. How large was this increase? Does this mean the level of overall employment in the US has now returned to its pre- recession level? Explain. (This question is worth 2 points) 2. An interest rate of 0.75% represents how many basis points? (This question is worth 1 point) 3. What do we call the usual type of discount loan that the Fed makes? What is the current rate on this type of discount loan? (This question is worth 2 points) 4. What monetary policy tool did the Fed eliminate in March 2020? (This question is worth 1 point) 5. What is the most important tool of monetary policy? (This question is worth 1 point) 6. What do we call the interest rate that banks charge one another for the overnight use of reserves? What is the current target range that the Fed has established for this interest rate? (This question is worth 2 points) 7. How do we measure total reserves in the US? What is the typical action that the Fed undertakes to expand the supply of reserves? When it undertakes this action, what happens to interest rates? (This question is worth 3 points) 8. Bank assets - bank liabilities equal what? (This question is worth 1 point) 9. In the Quantity Theory of Money, what happens when the money supply grows at 10%? Does this theory apply to the long run or the short run? (This question is worth 2 points)