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1. The Federal Reserve is: Othe United States' central bank Oanother name for the U.S. Treasury. Othe largest commercial bank in the U.S. Oa Congressional committee. 2. The Fed can influence: Othe U.S. money supply OU.S. tax rates. Othe budget of the federal government. Othe household savings rate. 3. Which of the following is true about the Fed? Olt has no real power since in the long run money is neutral. Olt has a lot of power to affect the inflation rate, but not the unemployment rate. Olt cannot directly affect the economy but it can influence institutions that can Oit has more power to affect the economy than any other institution 4. The Federal Reserve has the power to: Ocreate banks. Oincrease spending Ocreate money Ocut taxes S. Monetary policy is limited in that Oit can only affect inflation in the short run. Oit can only affect real growth in the long run. Oit can only affect real growth in the short run. Oit can only affect inflation in the long run. 6. Why doesn't GDP change in the long run when the money supply changes? OBecause in the long run households adjust their savings to counteract any change in the money supply OBecause in the long run GDP is determined by fiscal policy and not by monetary policy OBecause the money supply changes only in the short fun and then returns to its long-run tevel Because in the long run GDP is determined by the fundamental factors of growth, not the money supply. 7. Which of the following is true about monetary policy? Dit is effective in the short run and easy in the long run. Oit is ineffective in the short run and difficult in the long run. Olt is effective in the long run and easy in the short run, Olt is ineffective in the long run and difficult in the short run