3. Define and discuss briefly: a. Dual banking system b. Branch banking c. Bank holding companies 4. Bank management involves both liquidity management" and "capital management." Explain. 5.Define or discuss briefly: a.Federal Reserve branch banks b.Central banks c.Open market operations d.Reserve requirements 6.What were some of the weaknesses of the national banking system that gave rise to the Federal Reserve Act? 7.Briefly describe the traditional monetary policy functions and instruments used by the Fed. 8.Describe the process by which the Federal Reserve System assists commercial banks in the clearance and collection of checks. 9.Briefly describe quantitative easing and explain how it is used by the Fed