Describe the functions of the Federal Reserve System.
What will be an ideal response?
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.
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The larger the fraction of an investment financed by borrowing
A) the greater the potential return and potential loss on that investment. B) the smaller the potential return and potential loss on that investment. C) the greater the potential return and the smaller the potential loss on that investment. D) the smaller the potential return and the greater the potential loss on that investment.
Neoclassical economics does not hold which of the following assumptions?
A. People are fundamentally rational B. People can make errors initially, but they learn quickly C. People's errors are random and rare D. People make regularly-repeated mistakes