In 2012, direct government purchases equaled ________ percent of expenditures of all levels of government

The actions of the Fed: a. must be approved by the president and Congress

b. must be approved by the president alone. c. must be approved by Congress alone. d. are not subject to approval by any branch of government. e. are subject to the approval of the electorate.

The powers of the Federal Reserve System do not include: a. the ability to buy and sell U.S. government securities

b. the ability to extend loans to commercial banks. c. the ability to provide deposit insurance for customers of member banks. d. the ability to impose reserve requirements on both member and nonmember commercial banks. e. the authority to clear checks.