1. Money is a social construction. Fully explain the meaning of this statement. 2. Fully explain the three types of money: commodity money, commodity backed money and fiat currency. 3. List and explain the three functions of money. 4. List and briefly explain the components of M1 & M2. 5. Are credit cards money? Explain. 6. The transaction demand for money and asset demand for money combine to determine the total demand for money. Fully explain the transaction demand for money and asset demand for money. 7. Fully explain the structure of the Federal Reserve. 8. The most important function of the Federal Reserve is to control the supply of money in the U.S. economy. Fully explain the economic importance of this function of the Fed. 9. Fully explain the economics of a fractional reserve banking system including: the impact on the money supply, bank panics and the importance of the FDIC. 10. List and explain three causes of the 2007 financial crisis