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1.What is US currency backed by? 2.What are the functions of money? Explain each. 3.What is a bond? 4.What effects interest rates and why? 5.How

1.What is US currency backed by?

2.What are the functions of money? Explain each.

3.What is a bond?

4.What effects interest rates and why?

5.How does the Federal Reserve affect the money supply through changes in the reserve requirement of banks?

6.How does the FOMC "influence" interest rates in the US through open market operations? Give me at least one example.

7.Why do we have a Federal Reserve aka the Fed?

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