1. Banknotes represent central bank's (Required) to its holders. corn 2. Which of the following options are commodity money? A multiple-choice question with several possible answers.(Required) 1. O 2.0 banknotes 3.0 gold 4.0 shell 3. In modern time, fiat money is backed by gold. A question requiring a 'True/False' answer.(Required) O True O False 4. Representative money has no intrinsic value. A question requiring a 'True/False' answer.(Required) O True O False 5. After "Nixon shocks", one dollar can be converted to 1/35 ounce of gold. A question requiring a 'True/False' answer.(Required) True False 6. Central banks can increase the money supply to curb inflation. A question requiring a 'True/False' answer.(Required) True O False 7. Why we need central banks? A multiple-choice question with several possible answers.(Required) 1. O A new national check-clearing system is needed 2.0 High failure rate of banks 3.0 The banking system need a lender of ready cash to provide liquidity to banks and to protect the stability of financial system 8. Which of the following statements are true regarding the early structure of the Fed. A multiple-choice question with several possible answers.(Required) 1.0 Each federal reserve bank can issue its own banknotes 2. O Discounted rate was not chief monetary policy 3. O Discounted rate was chief monetary policy 4.0 Each federal reserve bank can not issue its own banknotes 5. O A decentralized central bank 6. O A centralized central bank becomes an important 9. After the U.S. government issued large amounts of bonds, monetary policy. A multiple-choice question with one possible answer.(Required) 1. O Reserve requirement Discounted rate 3.0 Open market operations 2. O 10. 12 federal reserve banks supervise board of governors. A question requiring a 'True/False' answer.(Required) True O False 11. Board of governor has 12 members appointed by the president of the United states A question requiring a 'True/False' answer.(Required) O True O False 12. The profits of the Fed need to be transferred to the U.S. treasury. A question requiring a 'True/False' answer.(Required) O True False 13. All the banks in the U.S. should be the member of the federal reserve system A question requiring a 'True/False' answer.(Required) O True O False 14. The maximum terms for board of governors is 14 years, which is longer than that of the president of the United States. A question requiring a 'True/False' answer.(Required) True O False 15.FOMC conducts monetary policy making and is the administrative group. A question requiring a 'True/False' answer.(Required) O True O False 16. In Japan, the bank of Japan is a listed corporation. A question requiring a 'True/False' answer.(Required) True O False 17. Each Federal Reserve bank is a corporation owned by the member banks in its district. A question requiring a 'True/False' answer.(Required) True O False