(the answers can be simple) 1.Explain the difference between expansionary monetary policy and contractionary monetary policy. 2.What are the reasons behind the Federal Reserves use of U.S. government bonds for open market operations? 3.What is quantitative easing? What are the benefits of this new monetary tool? 4.Explain why workers have an incentive to expect a certain level of inflation. 5.Why does changing the reserve requirement prove less effective than engaging in open market operations?.