Question 4 1 pts Banks are typically allowed access to local clearing systems if they operate as a resident entity in that country. True O False Question 6 1 pts Banks were forced to take TARP funds if approached by the Federal Reserve Bank to do so. True False Question 7 1 pts Michigan is in one of the 3 largest Federal Reserve districts. True False Question 8 1 pts Which is NOT a function of the Federal Reserve Banks? Making discount loans to banks within its district Replacing mutilated currency with new notes Clearing Checks Setting the Prime Lending Rate Approving/Denying bank merger applications Question 10 1 pts Which Central Bank is the most independent? Bank of Canada, eh? Bank of England Bank of Japan Federal Reserve Bank of the US European Central Bank