1. What is the difference between the U.S. Federal reserve and the U.S. Treasury? 2. Suppose that the required reserve ratio is 9%, currency in circulation is $620 billion, the amount of checkable deposits is $950 billion, and excess reserves are $15 billion. Calculate the money supply, the currency deposit ratio, the excess reserve ratio, and the money multiplier 3. If the Fed sells $2 million of bonds to the First National Bank, what happens to reserves and the monetary base? Use T-accounts to explain your