m1 = currency + Demand deposits + Other checkable deposites reserve deposite ratio = bank reserves / deposites money supply = currency

helped by the public + Bank deposites Bank deposites = Bank reserves / desired reserve-deposite ratio max loans = Deposits - Required Reserves Money supply = Deposites + max loans 1. Bank reserves are: currency and customer checking deposits . currency, customer checking and savings deposits. any asset used to purchase goods and services. financial assets obtained from savers and lent to borrowers. OK cash and similar assets held to meet depositor withdrawals or payments. 2. A banking panic is an episode in which: OK depositors, spurred by news or rumors of possible bankruptcy of one bank, rush to withdraw deposits from the banking system. commercial banks, fearing Federal Reserve sanctions, unwillingly participate in open-market operations. commercial banks, concerned about high interest rates, rush to borrow at the Federal Reserve discount rate. depositors, afraid of increasing interest rates, attempt to engage in discount-window borrowing at the Federal Reserve. the Federal Reserve, concerned about unusually rapid increases in the money supply, refuses to make loans to commercial banks through discount window lending. 3. Currency is ______ the M1 measure of money and ________ the M2 measure of money. included in; excluded from OK included in; included in excluded from; excluded from excluded from; included in equal to; excluded from 4. If the money supply grows by 6 percent per year, velocity grows by 2 percent per year, and real GDP grows by 3 percent per year, then the rate of inflation is approximately _______ percent per year. 2 3 OK 5 6 12 5. Money serves as a store of value when: it is used to purchase goods and services there is direct trade of goods and services it is a basic measure of economic value. OK it is a means of holding wealth. there is a double coincidence of wants. 6. The money supply is 1,500 of which 500 is currency held by the public. Bank reserves are 200. The desired reserve/deposit ratio equals: .05 .10 NO .15 YES .20 .25 Feedback For more information, see p. 279 of your textbook.

7. If bank reserves are 200, the public holds 400 in currency, and the desired reserve/deposit ratio is .20, the deposits are ____ and the money supply is _____. 200; 600 400; 800 600; 1,000 OK 1,000; 1,400 2,400; 2,800 8. A system under which the government guarantees that customers will not lose any money if their bank goes bankrupt is called: reserve guarantees. open-market operations. NO the Federal Reserve System. bankruptcy protection. YES deposit insurance. For more information, see p. 285 of your textbook. 9. If real GDP equals 5,000, nominal GDP equals 10,000, and the price level equals 2, then what is velocity if the money stock equals 2,000? 2 2.5 4 OK 5 10 10. When bank reserves exactly equal bank deposits, the bank is said to engage in fractional reserve banking. diversification. OK 100% reserve banking. credit allocation. open-market operations. 1. The most important tool of monetary policy is: reserve requirement ratios. the discount rate. OK open market operations. the minimum net worth required of banks. market interest rates. 2. When the Fed sells government securities, the banks': reserves will increase and lending will expand causing an increase in the money supply. OK reserves will decrease and lending will contract causing a decrease in the money supply. reserve requirements will increase and lending will contract causing a decrease in the money supply. reserves/deposit ratio will increase and lending will expand causing an increase in the money supply. reserves/deposit ratio will decrease and lending will contract causing a increase in the money supply. 3. The money supply in Macroland is currently 3,000, bank reserves are 250, currency held by public is 500, and banks' desired reserve/deposit ratio is 0.10. Assuming the values of the currency held by the public and the desired reserve/deposit ratio do not change, if the Central Bank of Macroland wishes to decrease the money supply to 2,500, then it should conduct an open-market ____ government bonds to/from the public. purchase of 50 purchase of 250 purchase of 500

YES NO Feedback

sale of 50 sale of 500

For more information, see p. 283 of your textbook. 4. An open-market purchase of government securities by the Fed will: OK increase bank reserves, and the money supply will increase. decrease bank reserves, and the money supply will increase. increase bank reserves, and the money supply will decrease. decrease bank reserves, and the money supply will decrease. increase bank reserves, and the money supply will not change. 5. An episode when depositors, spurred by news or rumors of the imminent bankruptcy of one or more banks, rush to withdraw their deposits from the banking system is called a(n): open-market withdrawal. open-market sale. OK banking panic. reserve requirement crisis. credit crunch. 6. If the Central Bank of Macroland puts an additional 1,000 units of currency into the economy, the public deposits all currency into the banking system, and banks have a desired reserve/deposit ratio of .20, then the banks will eventually make new loans totaling _______ and the money supply will increase by _______. $1,000; $1,000 $4,000; $4,000 $5,000; $5,000 $1,000; $5,000 OK $4,000; $5,000 7. If the money supply equals 2,000, velocity equals 3, real GDP equals 4,000, then the price level equals: OK 1.5 2 3 6,000 10,000 8. Money serves as a basic yardstick for measuring economic value (i.e., a unit of account), allowing: people to hold their wealth in a liquid form. governments to restrict the issuance of private monies. OK easy comparison of the relative prices of goods and services. goods and services to be exchanged with a double coincidence of wants. private money to be issued for local use. 9. In the long run, countries with higher rates of money growth usually have: OK higher rates of inflation. lower rates of inflation. faster growth rates of real output. smaller budget deficits. larger trade deficits. 10. According to the quantity equation if the Federal Reserve expects velocity to increase by 1 percent per year, real GDP to increase by 2 percent per year, and desires a 2 percent annual rate of inflation, then the money supply should be increased by approximately _______ percent per year. NO 1 2 YES 3 4 6

For more information, see p. 289 of your textbook. 1. OK All of the following are considered money in the United States EXCEPT: credit cards. currency. coins. checking account balances. travelers' checks. 2. The link between the money supply and prices is strongest in: OK the long run. the short run. a recession. a boom. times of war. 3. According to the quantity equation if the Federal Reserve expects velocity to increase by 1 percent per year, real GDP to increase by 2 percent per year, and desires a 2 percent annual rate of inflation, then the money supply should be increased by approximately _______ percent per year. 1 2 OK 3 4 6 4. If a bank's desired reserve/deposit ratio is .33 and it has deposit liabilities of $100 million and reserves of $50 million, it: NO has too few reserves and will reduce its lending. YES has too many reserves and will increase its lending. has the correct amount of reserves and outstanding loans. should increase the amount of its reserves. should decrease the amount of its reserves. Feedback For more information, see p. 277 of your textbook. 5. The specialization in production made possible by the use of money to avoid barter is an illustration of the: scarcity principle. OK principle of comparative advantage. principle of increasing opportunity cost. benefits of diversification. cost-benefit principle. 6. In Macroland, currency held by the public is 2000 econs, bank reserves are 300 econs, and the desired reserve/deposit ratio is 10%. If the Central Bank sells government bonds to the public in exchange for 200 econs that are then destroyed, the money supply in Macroland will decrease from ____ econs to _____ econs assuming that the public does not wish to change the amount of currency it holds. NO 2,000; 1,800 2,300; 2,100 3,000; 1,000 YES 5,000; 3,000 6,000; 2,000 Feedback For more information, see p. 283 of your textbook. 7. If real GDP equals 2,500, nominal GDP equals 5,000, and the price level equals 2, then what is velocity if the money stock equals 2,000? 1.25 2 OK 2.5

3.75 5 8. Currency is ______ the M1 measure of money and ________ the M2 measure of money. included in; excluded from OK included in; included in excluded from; excluded from excluded from; included in equal to; excluded from 9. The three functions of money are: spending for consumption, investment, and government purchases. measuring balance of payments, exchange rates, and interest rates. implementing monetary policy, fiscal policy, and structural policy. acting as bank reserves, open-market operations, and velocity. OK serving as a medium of exchange, unit of account, and store of value. 10. If real GDP equals 3,500, nominal GDP equals 5,250, and the price level equals 1.5, then what is velocity if the money stock equals 2,100? 1.5 1.66 2.33 OK 2.5 3 1. If the Central Bank of Macroland puts an additional 1,000 units of currency into the economy, the public deposits all currency into the banking system, and banks have a desired reserve/deposit ratio of .10, then the banks will eventually make new loans totaling _______ and the money supply will increase by _______. $1,000; $1,000 $9,000; $9,000 OK $9,000; $10,000 $1,000; $9,000 $10,000; $10,000 2. Money is: the same as income. all financial assets. OK any asset used to make purchases. the sum of assets minus debts. the market value of all final goods and services produced in a country in a year. 3. When the central bank sells $1,000,000 worth of government bonds to the public, the money supply: YES decreases by more than $1,000,000. NO decreases by $1,000,000. decreases by less than $1,000,000. does not change. increases by $1,000,000. Feedback For more information, see p. 283 of your textbook. 4. In Econland all $15,000,000 in currency is held by banks as reserves. The public does not hold any currency. If the banks' desired reserve/deposit ratio is 5%, the money supply in Econland equals: $14,285,714 $15,000,000 $15,7500,000 OK $300,000,000 $315,000,000

5.

The reserve/deposit ratio equals: 10% of bank reserves. 10% of bank deposits. 100% of bank reserves. OK bank reserves divided by bank deposits. bank deposits divided by bank reserves. 6. The introduction of credit cards and debit cards has _____ velocity. OK increased decreased had no impact on eliminated doubled 7. When the central bank buys $1,000,000 worth of government bonds from the public, the money supply: YES increases by more than $1,000,000. NO increases by $1,000,000. increases by less than $1,000,000. does not change. decreases by $1,000,000. Feedback For more information, see p. 283 of your textbook. 8. In Macroland there is $1,000,000 in currency that can either be held by the public or used by banks as reserves. Banks' desired reserve/deposit ratio is 10%. If the public of Macroland decides to hold more currency, increasing the proportion they hold from 50% to 75%, the money supply in Macroland will ______. NO increase. YES decrease. remain the same. may either increase or decrease. will increase initially, but then return to the original level. Feedback For more information, see p. 279 of your textbook. 9. Nominal GDP divided by the money stock equals: real GDP. the value of transactions. the price level. OK velocity. the money multiplier. 10. The link between the money supply and prices is strongest in: OK the long run. the short run. a recession. a boom. times of war. 1. Money serves as a store of value when: it is used to purchase goods and services there is direct trade of goods and services it is a basic measure of economic value. OK it is a means of holding wealth. there is a double coincidence of wants. 2. The money supply in Macroland is currently 3,000, bank reserves are 250, currency held by public is 500, and banks' desired reserve/deposit ratio is 0.10. Assuming the values of the currency held by the public and the desired reserve/deposit ratio do not change, if the Central Bank of Macroland wishes to decrease the money supply to 2,500, then it should conduct an open-market ____

government bonds to/from the public. purchase of 50 purchase of 250 purchase of 500 OK sale of 50 sale of 500 3. When a baker exchanges a pie for dollars, this is an example of dollars serving as: bank reserves. YES a medium of exchange. a unit of account. a store of value. NO barter. Feedback For more information, see p. 272 of your textbook. 4. Bank reserves are: currency and customer checking deposits . currency, customer checking and savings deposits. any asset used to purchase goods and services. financial assets obtained from savers and lent to borrowers. OK cash and similar assets held to meet depositor withdrawals or payments. 5. Extremely rapid rates of money growth are usually the result of: rapid population growth. excessively high interest rates. large trade deficits. NO sharp increases in productivity. YES large government budget deficits. Feedback For more information, see p. 288 of your textbook. 6. The amount of money in the United States is determined by: NO the Federal Reserve. commercial banks. the public the combined behavior of commercial banks and the public. YES the combined behavior of commercial banks and the public, and actions of the Federal Reserve. Feedback For more information, see p. 275 of your textbook. 7. The specialization in production made possible by the use of money to avoid barter is an illustration of the: scarcity principle. OK principle of comparative advantage. principle of increasing opportunity cost. benefits of diversification. cost-benefit principle. 8. The reserve/deposit ratio equals: 10% of bank reserves. 10% of bank deposits. 100% of bank reserves. OK bank reserves divided by bank deposits. bank deposits divided by bank reserves. 9. Two countries, Alpha and Beta, are otherwise identical except that the money stock is smaller in Alpha than in Beta. Velocity in Alpha must be _____ velocity in Beta. the same as

OK

greater than less than less than twice the more than half the 10. During the Great Depression in the United States between 1929 and 1933, banks' reserve/deposit ratio ___ and the amount of currency held by the public ____, while the money supply ______. increased; increased; increased NO decreased; decreased; decreased YES increased; increased; decreased decreased; decreased; increased increased; decreased; decreased Feedback For more information, see p. 285 of your textbook. 1. The money supply will increase by a multiple of the increase in bank reserves created by the central bank unless: there is fractional reserve banking. OK there is 100 percent reserve banking. the public holds no currency. banks' desired reserve/deposit ratio is .20. banks' desired reserve/deposit ratio is .10. 2. The money supply in Macroland is currently 3,000, bank reserves are 500, currency held by public is 500, and banks' desired reserve/deposit ratio is 0.20. Assuming the values of the currency held by the public and the desired reserve/deposit ratio do not change, if the Central Bank of Macroland wishes to increase the money supply to 2,500, then it should conduct an open-market:____ government bonds to/from the public. purchase of 100 purchase of 250 NO purchase of 500 YES sale of 100 sale of 500 Feedback For more information, see p. 283 of your textbook. 3. Typically the money supply increase by a multiple of the increase in bank reserves created by the central bank because of: the power of compound interest. NO small differences make a large difference. YES fractional reserve banking. 100-percent reserve banking. the central bank requires multiple expansion. Feedback For more information, see p. 278 of your textbook. 4. If the Federal Reserve increased the money supply by 3 percent per year, real GDP grew by 3 percent per year, and the rate of inflation was 3 percent per year, then velocity must have increased by approximately _______ percent per year. 1 OK 3 6 9 12

5.

A rapidly growing supply of money will lead to: rising real GDP. rising velocity. unemployment. YES inflation. NO deflation. Feedback For more information, see p. 286 of your textbook. 6. The most important tool of monetary policy is: reserve requirement ratios. the discount rate. OK open market operations. the minimum net worth required of banks. market interest rates. 7. Cash and similar assets held to meet depositor withdrawals or payments are called: NO deposits. YES bank reserves. checking accounts. money. bank liabilities. Feedback For more information, see p. 276 of your textbook. 8. Based on the following information, compute the value of the M1 measure of the money supply. $320 billion $330 billion $520 billion OK $530 billion $4,320 billion 9. Liabilities of the commercial banking system include: reserves and loans. YES deposits. NO reserves and deposits. loans and deposits. reserves. Feedback For more 10. In currency ratio is _______. OK information, see p. 276 of your textbook. Macroland there is $10,000,000 in currency. The public holds half of the and banks hold the rest as reserves. If banks' desired reserve/deposit 10%, deposits in Macroland equal ______ and the money supply equals 50,000,000; 60,000,000 55,000,000; 55,000,000 50,000,000: 55,000,000 100,000,000; 100,000,000 100,000,000; 110,000,000 In the long run, countries with higher rates of money growth usually have: higher rates of inflation. lower rates of inflation.

1. OK

faster growth rates of real output. smaller budget deficits. larger trade deficits. 2. In a fractional-reserve banking system the reserve/deposit ratio equals: currency in bank vaults. currency held by the public divided by deposits. 100%. OK less than 100%. more than 100%. 3. All of the following are considered money in the United States EXCEPT: OK credit cards. currency. coins. checking account balances. travelers' checks. 4. Demand deposits and other checkable deposits are _______ the M1 measure of money and _______ the M2 measure of money. NO included in; excluded from YES included in; included in excluded from; excluded from excluded from; included in equal to; excluded from Feedback For more information, see p. 274 of your textbook. 5. Velocity equals nominal GDP divided by: the value of transactions. the price level. real GDP. OK the money stock. the interest rate. 6. Bank reserves divided by bank deposits is called: fractional reserve banking. 100% reserve banking. OK the reserve/deposit ratio. the asset/liability ratio. the banking system unit of account. 7. If the reserve/deposit ratio is .25 and the banking system receives an additional $10 million in reserves, bank deposits can increase by a maximum of: $10 million. $250 million. $400 million. $4 million. OK $40 million. 8. If the desired reserve/deposit ratio equals .10, then every dollar of currency in bank vaults supports ____ of the money supply, while every dollar of currency held by the public contributes _________ to the money supply. $1; $1 $0.10; $1 $1; $0.10 OK $10; $1 $10; $0.10 9. When bank reserves exactly equal bank deposits, the bank is said to engage in fractional reserve banking. diversification. OK 100% reserve banking. credit allocation.

10.

OK

open-market operations. The Federal Reserve System first began operations in: 1776. 1789. 1865. 1914. 1945.

1. Money market mutual funds are _______ the M1 measure of money and _______ the M2 measure of money. included in; excluded from NO included in; included in excluded from; excluded from YES excluded from; included in equal to; excluded from Feedback For more information, see p. 274 of your textbook. 2. A banking panic is an episode in which: OK depositors, spurred by news or rumors of possible bankruptcy of one bank, rush to withdraw deposits from the banking system. commercial banks, fearing Federal Reserve sanctions, unwillingly participate in open-market operations. commercial banks, concerned about high interest rates, rush to borrow at the Federal Reserve discount rate. depositors, afraid of increasing interest rates, attempt to engage in discount-window borrowing at the Federal Reserve. the Federal Reserve, concerned about unusually rapid increases in the money supply, refuses to make loans to commercial banks through discount window lending. 3. If bank reserves are 200, the public holds 400 in currency, and the desired reserve/deposit ratio is .25, the deposits are ____ and the money supply is _____. 200; 600 400; 800 600; 1,000 YES 800; 1,200 NO 2,400; 2,800 Feedback For more information, see p. 279 of your textbook. 4. After the Federal Reserve increases reserves in the banking system through open-market purchases, banks create new deposits through multiple rounds of lending and accepting deposits until the: Federal Reserve requires them to stop. deposit insurance limit is reached. NO actual reserve/deposit ratio is greater than the desired reserve/deposit ratio. YES actual reserve/deposit ratio is equal to the desired reserve/deposit ratio. actual reserve/deposit ratio is less than the desired reserve/deposit ratio. Feedback For more information, see p. 278 of your textbook. 5. Small time deposits are _______ the M1 measure of money and _______ the M2 measure of money. included in; excluded from NO included in; included in

YES Feedback

excluded from; excluded from excluded from; included in equal to; excluded from

For more information, see p. 274 of your textbook. 6. The main disadvantage of using money as a store of value is that: other assets provide greater anonymity than cash. NO other assets are more difficult to trace than cash. unlike other assets, money serves as a medium of exchange. YES other assets pay relatively higher rates of interest than money. barter is a more efficient way to conduct transactions than using money. Feedback For more information, see p. 273 of your textbook. 7. If the money supply equals 1,500, velocity equals 4, real GDP equals 2,400, then the price level equals: 1.6 YES 2.5 4 NO 3,900 6,000 Feedback For more information, see p. 288 of your textbook. 8. Savings deposits are ______ the M1 measure of money and ______ the M2 measure of money. included in; excluded from included in; included in excluded from; excluded from YES excluded from; included in NO equal to; excluded from Feedback For more information, see 9. "Money times prices monetary velocity GDP OK quantity Fisher 10. The money supply in equals bank reserves. The equal _____. 200 250 YES 300 NO 500 1500 Feedback p. 274 of your textbook. equals nominal GDP" is called the _____ equation.

Econland is 1,500, and currency held by the public desired reserve/deposit ratio is 0.20. Bank reserves

For more information, see p. 279 of your textbook. 1. NO The M2 measure of money consists of the sum of: savings deposits, small time deposits, and money market mutual funds. currency, checking and savings deposits, and small time deposits. currency, checking and savings deposits.

YES funds. Feedback

M1, savings deposits, small time deposits, and money market mutual M1, savings deposits, and money market mutual finds.

For more information, see p. 274 of your textbook. 2. The Board of Governors consists of ____ governors appointed for staggered ___-year terms. 5; 12 5; 14 NO 7; 12 YES 7; 14 14; 14 Feedback For more information, see p. 282 of your textbook. 3. During the bank panic of 1930-33, the public withdrew deposits from the bank preferring to hold currency. As a result,: bank reserves decreased but were offset by an equal increase in currency with no net effect on the money supply. NO bank reserves increased by less than the increase in currency causing the money supply to decrease. bank reserves decreased by more than the increase in currency causing the money supply to decrease. bank reserves decreased by less than the increase in currency causing the money supply to increase. YES bank reserves decreased by an amount equal to the increase in currency causing the money supply to decrease. Feedback For more information, see p. 283 of your textbook. 4. The main disadvantage of using money as a store of value is that: other assets provide greater anonymity than cash. NO other assets are more difficult to trace than cash. unlike other assets, money serves as a medium of exchange. YES other assets pay relatively higher rates of interest than money. barter is a more efficient way to conduct transactions than using money. Feedback For more information, see p. 273 of your textbook. 5. In Econland all $15,000,000 in currency is held by banks as reserves. The public does not hold any currency. If the banks' desired reserve/deposit ratio is 5%, the money supply in Econland equals: $14,285,714 $15,000,000 $15,7500,000 OK $300,000,000 $315,000,000 6. When an individual deposits currency into a checking account: OK bank reserves increase which allows banks to lend more and, ultimately, increases the money supply. bank reserves decrease which reduces the amount banks can lend thereby reducing the growth of the money supply. bank reserves are unchanged. bank reserves decrease which increases the amount banks can lend, thereby increasing the growth of the money supply. bank reserves increase which reduces the amount banks can lend, thereby

reducing the growth of the money supply. 7. The money supply will increase by a multiple of the increase in bank reserves created by the central bank unless: there is fractional reserve banking. YES there is 100 percent reserve banking. NO the public holds no currency. banks' desired reserve/deposit ratio is .20. banks' desired reserve/deposit ratio is .10. Feedback For more information, see p. 278 of your textbook. 8. Cash and similar assets held to meet depositor withdrawals or payments are called: deposits. YES bank reserves. NO checking accounts. money. bank liabilities. Feedback For more information, see p. 276 of your textbook. 9. If the public switches from doing most of its shopping with currency to using checks instead and the Fed takes no action, the money supply will: YES increase. decrease. NO not change. either increase or decrease. equal the quantity of currency that is still in use. Feedback For more information, see p. 279 of your textbook. 10. Nominal GDP divided by the money stock equals: real GDP. the value of transactions. the price level. OK velocity. the money multiplier. 1. Credit card balances are not considered to be money primarily because they: are rarely used to make purchases. OK are not part of people's wealth. are an asset used in making transactions. do not represent an obligation to pay someone else. are not available to people with poor credit ratings. 2. The introduction of credit cards and debit cards has _____ velocity. OK increased decreased had no impact on eliminated doubled 3. Which of the following is the best example of money used as a unit of account? In a prisoner of war camp cigarettes are traded for socks, candy and/or food, even by nonsmokers. OK The prices of construction jobs, real estate, and cars on the island of Yap are quoted in cases of beer to purchase each. A farmer stores $100 dollar bills in a strong box under the floor in a barn.

Students use dollar bills to buy textbooks. A plumber unclogs a drain for a carpenter, who repairs broken steps for the plumber. 4. The consolidated balance sheet of the all banks in Macroland is presented below: Assets Currency Loans $900 Liabilities $1,000 Deposits $1,000

Based on this balance sheet the banking system of Macroland can be described as a(n) ________ banking system. barter government-insured YES fractional-reserve NO 100-percent-reserve M1 Feedback For more information, see p. 277 of your textbook. 5. Deposit insurance for banks: helped the Fed combat the bank panics of 1930-33. was first legislated by the Federal Reserve Bank Act of 1913. YES may induce the managers of banks to take more risks. guarantees the interest payments on depositors checking accounts. NO is a perfect solution to the problem of bank panics. Feedback For more information, see p. 285 of your textbook. 6. Cash and similar assets held to meet depositor withdrawals or payments are called: deposits. OK bank reserves. checking accounts. money. bank liabilities. 7. Small time deposits are _______ the M1 measure of money and _______ the M2 measure of money. included in; excluded from included in; included in excluded from; excluded from OK excluded from; included in equal to; excluded from 8. If real GDP equals 2,500, nominal GDP equals 5,000, and the price level equals 2, then what is velocity if the money stock equals 2,000? 1.25 2 OK 2.5 3.75 5 9. After the Federal Reserve decreases reserves in the banking system through open-market sales, banks reduce deposits through multiple rounds of calling in loans and losing deposits until the: Federal Reserve requires them to stop. deposit insurance limit is reached. actual reserve/deposit ratio is greater than the desired reserve/deposit ratio.

OK ratio.

actual reserve/deposit ratio is equal to the desired reserve/deposit

actual reserve/deposit ratio is less than the desired reserve/deposit ratio. 10. Money serves as a basic yardstick for measuring economic value (i.e., a unit of account), allowing: people to hold their wealth in a liquid form. governments to restrict the issuance of private monies. OK easy comparison of the relative prices of goods and services. goods and services to be exchanged with a double coincidence of wants. private money to be issued for local use.

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