62. Which of the following is the correct order for the duration of U.S. Treasury securities, from shortest- to longest-duration? (a) notes, bills, bonds; (b) bills, notes, bonds; (c) bonds, notes, bills; (d) notes, bonds, bills.

63. One key lesson from the Fed's experience under Chair Paul A. Volcker from 1979 to 1982 is that: (a) monetary policy never should focus on the level of bank reserves in order to fight inflation; (b) when the federal funds rate falls below its target range, the Fed must increase bank reserves; (c) both inflation and sluggish economic growth are associated with insufficient aggregate demand relative to aggregate supply, so the Fed should increase the level of bank reserves; (d) during periods of economic stagflation, the Fed should first combat inflation by initiating a tighter monetary policy until long-term interest rates collapse.

64. Actions by the Fed to fight rising rates of inflation likely will initially: (a) reduce long-term interest rates; (b) expand the size of the Fed's balance sheet; (c) cause the Treasury Department to issue fewer repurchase agreements; (d) increase short-term interest rates.