Frank Baum wrote the Wizard of Oz in favor of O eliminating gold as a commodity that backed money to reduce the money supply O expanding the money supply to create inflation O creating a fiat currency, giving the Federal Reserve power to issue government backed notes. deflating the value of silver thus creating deflation in society

Frank Baum wrote the Wizard of Oz in favor of O eliminating gold as a commodity that backed money to reduce the money supply O expanding the money supply to create inflation O creating a fiat currency, giving the Federal Reserve power to issue government backed notes. deflating the value of silver thus creating deflation in society

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter13: Money And The Financial System

Section: Chapter Questions

Problem 1.5P

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In the mid 1800's, grain sellers in Chicago would deliver their grain to warehouses and receive a paper receipt that represented their claim on the grain in storage. These receipts became so widely used that grain traders began to use them as money, and they would use the warehouse receipts to settle debts and as collateral to secure short-term loans. Despite their widespread use as a form of currency, the warehouse receipts were not fiat money because: A. Grain is a commodity, so the receipts were commodity money and not fiat money B. The receipts were not legal tender formally recognized by a government
What "backs" the money supply of the United States? Multiple Choice O the fact that currency is issued by the Federal Reserve System O the amount of gold the U.S. government has on deposit at its banks O the fact that the intrinsic value of coins in circulation is greater than their face value the U.S. government's ability to keep the value of money relatively stable
What is money? What are the functions of money? What items may serve as money? Do you know of any other examples of money that is not currency or coins, in the US or other countries? Does money have to come from a government?
What is fiat money and how do you feel about it? What sets the value of fiat money? How is fiat money different from monopoly money? How does the federal reserve regulate money? Give some examples
Which of the following transactions would increase the money supply? Multiple Choice O O A customer repays a loan early. A customer deposits cash with the bank. A bank grants a loan to a customer. A customer withdraws cash from the bank.
1.Which of the following is not helpful in making something a good money? Make it from something everyone values like gold. It is widely accepted for all other goods and services. Make it from something that wears out quickly. Make it hard to counterfeit.
What is commodity money? What is fiat money?Which kind do we use?
Money is considered to be commodity or unit of exchange? What arethe important functions of money explain briefly? How to relate it with yourPakistani society?
Which of the following is true about money in the colonies? O Whether with friends or strangers, people found bartering to be convenient O Thomas Jefferson thought the use of money was oppressive O Money tended to change in such a way as to ease and thereby promote commerce O There was no such thing as commodity money or fiat money
Which of the following is an example of fiat money? a U.S. one-hundred dollar bill O a government bond O Bitcoin O an ounce of gold
Which definition of the money supply includes credit cards?
Celine, another manager at a different branch of MillerBank in a different region of the country, faces a reserve requirement of 10%. She has excess reserves 0f $1000. What’s the maximum amount that she could increase the money supply? a.500 dollars b.1000 dollars c.10000 dollars d.100 dollars e.2000 dollars