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JCCC Econ Final Exam Questions and Answers
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JCCC Econ Final Exam Questions and Answers
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JCCC Econ Final Exam Questions andAnswers
The U.S. public debt - Answer-consists of the historical accumulation of all past federal
deficits and surpluses.
If you are estimating your total expenses for school next semester, you are using money
primarily as - Answer-a unit of account.
If you place a part of your summer earnings in a savings account, you are using money
primarily as a - Answer-store of value.
Purchasing groceries using a debit card best exemplifies money serving as a - Answer-
medium of exchange.
In the United States, the money supply (M1) includes - Answer-coins, paper money,
checkable deposits, and savings deposits.
Coins in people's pockets and purses are - Answer-included both in M1 and in M2.
The value of money varies - Answer-inversely with the price level.
During periods of rapid inflation, money may cease to work as a medium of exchange -
Answer-because people and businesses will not want to accept it in transactions.
The central authority of the U.S. banking system is the - Answer-Board of Governors of
the Federal Reserve.
The Federal Reserve System was created in - Answer-1913
In the U.S. economy, the money supply is controlled by the - Answer-Federal Reserve
System.
The Federal Open Market Committee (FOMC) is made up of - Answer-the seven
members of the Board of Governors of the Federal Reserve System along with the
president of the New York Federal Reserve Bank and four other Federal Reserve Bank
presidents on a rotating basis.
The group that sets the Federal Reserve System's policy on buying and selling
government securities (bills, notes, and bonds) is the - Answer-Federal Open Market
Committee (FOMC).
Which one of the following is true about the U.S. Federal Reserve System? - Answer-
There are 12 Federal Reserve districts each with one central bank.
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