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Econ4

Study help for Econ Test 4

QuestionAnswer
What is legal tender? money which the law says must be accepted by creditors if it is tendered by a debtor
Which of the following would be one of the Fed's duties as fiscal agent? holding the federal government's checking account
What is NOT one of the functions of money? measure of responsibility
What is one of the major economic services provided by the Federal Reserve? provision of an elastic currency
When too much money is placed in circulation, what type of economic spoilage results? inflation
What organization insures deposits at commercial banks? FDIC
What are the three money standards discussed in the text? commodity money, representative money, and flat money
Which financial institutions concentrate on making home loans? savings and loan associations
What do many economists believe ought to be abolished, since it is a source of wasted time and resources? the penny coin
Which measure of the money supply accounts for the greatest amount of money? L
What creates money in the United States today? the United States Treasury, the Federal Reserve System, and commercial banks
What are the Fed's sources of operating funds? receiving fees on services provided to banks, selling its stock to new member banks, and collecting interest in securities and loans.
Does the Fed rely on Congress for its operating funds? no
Does the central bank act as a lender for businesses? no, just for banks
What is the interest rate called that a commercial bank would pay the Federal Reserve on borrowed funds? discount rate
In what year was the Federal Reserve system created? 1913
How many persons serve on the Federal Reserve's Board of Governors? 7
Who would serve on a Federal Reserve District bank's board of directors? 3 bankers, 3 nonbank business people, and 3 representatives of the general public
What is responsible for increasing and decreasing the supply of money through the purchasing and selling of securities? FOMC
Created by: 1348555001
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