While the Fed's independence and accountability continues to be controversial, there is broad agreement that the Fed: 1. Should have a reasonable amount of control over its own affairs 11. Should not be constrained by congressional laws and oversight III. Is "independent within government" as opposed to being "independent of government." Select one: O a. I only O b. I and Il only O c. I and III only d. I, II, and III The Federal Reserve Act of 1935: 1. Gave the Federal Reserve Board of Governors authority to set legal reserve requirements 11. Created the Federal Open Market Committee as its official monetary policy body III. Established the selection and confirmation process for the Fed's Chairman and Vice- Chairman Select one: O a. I only O b. I and II only c. I and Ill only d. 1, II, and III The specific goals for which the Federal Reserve is held accountable by Congress include: 1. Price stability II. Maximum employment III. Insuring that the U.S. maintains a trade surplus O a. I only O b. I and II only c. I and Ill only O d. 1. II, and III Which of the following is true concerning Federal Reserve district banks? 1. District banks are responsible for monitoring their respective district economies II. District banks supply currency and coin to their respective district banks III. District banks can loan funds to depository institutions in their districts = of Select one: O a. I only O b. I and II only O c. I and III only O d. I, II, and III 5 Which of the following is true concerning checkable deposits? The transfer of checkable deposits involves a payer, payee, and financial intermediary