Which of the following observations is true of nontransaction deposits?
a. depositor can use them directly as a means of payment
b. they do not pay any interest
c. depositor cannot directly write checks against them
d. they generally pay lower interest rates than transaction deposits
Question 2
The quantity of excess reserves in the banking system and the federal funds rate can serve as short-run operating targets for the FOMC and help it perform the open market operation.
a. True
b. False
Indicate whether the statement is true or false
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