15 POINTS

Describe the steps of the check clearing process.

After the 2008 recession, the amount of reserves in the us banking system increased. because of federal reserve actions, required reserves increased from $44 billion to $60 billion. however, banks started holding more reserves than required. by january 2009, banks were holding $900 billion in excess reserves. the federal reserve started paying interest on the excess reserves that the banks held. what possible impact will these unused reserves have on the economy?

If the family’s net monthly income is 7,800 what percent of the income is spent on food clothing and housing?

Because the demand for wheat tends to be inelastic. true or false