$\_\_\_\_\_\_\_\_\_\_\_\_$ are intended to change the level of reserves and the monetary base.

A$.$

Open market sales

B$.$

Defensive open market operations

C$.$

Dynamic open market operations

D$.$

Open market purchases

Part $2$

$\_\_\_\_\_\_\_\_\_\_\_\_$ are intended to offset movements in other factors that affect reserves and the monetary base.

A$.$

Open market purchases

B$.$

Open market sales

C$.$

Defensive open market operations

D$.$

Dynamic open market operations

Part $3$

Because most open market operations are typically repurchase$$ agreements, it is likely that the volume of defensive open market operations is

$$

$$

greater than

the same as

less than

the volume of dynamic open market operations.