When the Fed began paying interest on reserves, reserve balances
A. increased dramatically.
B. decreased dramatically.
C. decreased only slightly.
D. increased only slightly.
Answer: A
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Brad wrote a check to Clara for $1,000 on his account at First Bank. He then took it to his bank for certification. The bank wrote "certified" on the face of the check. Brad then gave the check to Clara. When Clara took the check to First Bank, they refused to pay, claiming that there was not enough money in Brad's account to cover the check. Which of the following is correct?
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