Describe the functions of the Federal Reserve System
The Fed's functions include (1) controlling the money supply, (2) clearing checks, (3) supervising and regulating banks, (4) maintaining and circulating currency, (5) protecting consumers, and (6) maintaining federal government checking accounts and gold reserves.
Economics
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Allocative efficienty exist when firms produce the output most preferred by consumers
a. True b. False
Economics
Why are checking account balances included in the M1 definition of the money supply?
A. Checking account balances are a traditional form of money that predates paper money. B. Checking account balances are used to make so many payments. C. Checking account balances are backed by gold and silver. D. Checking account balances pay interest.
Economics