13. IROE (interest rate on excess reserve) can serve as the lower bound of the federal fund rate. A question requiring a 'True/False' answer.(Required) True False 14. Defensive open-market operations, according to your text, generally result in rising interest rates and reduced availability of credit. A question requiring a 'True/False' answer.(Required) True False 15. Increased required reserves mandated by the Federal Reserve will tend to increase interest rates in the money market. A question requiring a 'True/False' answer.(Required) True False 16. If the Federal Reserve Board elects to lower reserve requirements depository institutions will be willing to make more loans at lower interest rates. A question requiring a 'True/False' answer.(Required) True False