1. Do you agree: "There is no difference between fiat money and commodity money, it really depends on what the society/country wants to use between the two forms of money.

2. True and False and why:

1. Federal Reserve is part of the Executive branch of the US.
2. Fed makes monetary policy for the US and rest of the world.
3. There ate 14 Federal Reserve branches of the Fed.
4. The discount rate is the rate that Fed lends money to the public at.
5. The Goal of the Fed with Monetary policy is to create jobs and achieve full employment.

3. If the required rate is raised from 10% to 13%, then what happens to the money multiplier? Why would the Fed want to do that?