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6. What is the Federal Reserve System, and what is its purpose? 7. List and explain the primary tools does the Fed have for conducting

6. What is the Federal Reserve System, and what is its purpose?

7. List and explain the primary tools does the Fed have for conducting monetary policy.

8. What is velocity of money? List two major determinants of velocity of money.

9. Assume GDP is currently $10,800 billion per year and the quantity of money is $540 billion.

a. What is the velocity of money?

b. The nation collectively holds enough money to finance how many days, worth of GDP expenditure?

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