All the following statements about the Federal Reserve are true EXCEPT the fact that it
A) is a public authority.
B) regulates a nation's depository institutions.
C) accepts checking deposits from the nation's residents.
D) controls the quantity of money.

Question

Quizplus · Accepted Answer

The Federal Reserve does not accept checking deposits from the nation's residents; this function is performed by commercial banks and other depository institutions, not by the central bank itself.

All the Following Statements About the Federal Reserve Are True