1.The Federal Reserve is the “_________ of last resort.” 2. The United States is divided into 12 districts, each of which has a Federal Reserve Bank. These banks do not participate in monetary policy...

1.The Federal Reserve is the “_________ of last resort.”

2. The United States is divided into 12 districts, each of which has a Federal Reserve Bank. These banks do not participate in monetary policy decisions, but liaise between the Fed and other banks. _________ (True/False)

3. The _________ votes on monetary policy.

4. _________-year terms help ensure the political independence of the Board of Governors.

5. The Fed provides a system of check collection and _________.