True or False:
1. A central bank has only one function-controlling the supply of money in a country.
2. The central bank typically serves as the major bank for the central government.
3. The central bank implements monetary and fiscal policy for the government.
4. The 12 member banks of the Federal Reserve System act largely in unison on major monetary policy issues.
5. Banks are not all required to belong to the Fed; but there is currently virtually no difference in the requirements for member and nonmember banks.
6. Historically, the Fed has had limited independence from the executive and legislative branches of government.
7. No member of the Federal Reserve Board will face reappointment by the president who initially made the appointment.
8. The Federal Open Market Committee makes most of the key decisions influencing the direction and size of changes in the money supply.