ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Reserve Banks also provide check collection services to depository institutions. The Fed processes approximately 40 percent of the paper items that ultimately clear as checks in the United States.

Detailed explanation-2: -The Federal Reserve Board issues paper currency (Federal Reserve notes). Federal Reserve Banks ensure adequate supply of paper currency around the country. Federal Reserve Banks collect checks deposited by banks and return unpaid checks to the bank on which the check is drawn.

Detailed explanation-3: -The correct answer is d Setting the price level and the market rate of interest is not a function of fed.

Detailed explanation-4: -Millennials are still using traditional forms of payments like cash and checks because they remain as convenient and secure as other forms of payment.