Suppose you pay for your groceries by writing a check, Which of the following events will happen as a consequence? Your checking account is affected immediately, Your merchant receives your payment immediately. Your bank will be instructed to transfer funds to the merchant's checking account Your bank will increase the balance on your checking account by the amount of the check 0/1 pol Question 11 Which of the following are functions of a central bank? 1. It is responsible for clearing checks. II. It conducts fiscal policy. Ill. It acts as the lender of last resort lll only I, II, and III I and III I only