Question 41 Mia puts money into a piggy bank so she can spend it later What function of money does this illustrate Question 41 options a) store of value b) medium of exchange c) unit of account d) None of the above is correct Question 42 Which of the following is correct concerning the FOMC Question 42 options a) the members of the Board of Governors have the majority of the votes b) the New York Federal Reserve Bank District President is always a voting member c) all Federal Reserve Bank presidents attend the meetings d) All of the above are correct Question 43 Which of the following is a store of value Question 43 options a) currency b) U S government bonds c) fine art d) All of the above are correct Question 44 If the discount rate is lowered, banks borrow Question 44 options a) less from the Fed so reserves increase b) less from the Fed so reserves decrease c) more from the Fed so reserves increase d) more from the Fed so reserves decrease Question 45 Suppose banks desire to hold no excess reserves and that the Fed has set a reserve requirement of 10 percent If you deposit $9,000 into First Jayhawk Bank, Question 45 options a) First Jayhawk's required reserves increase by $900 b) First Jayhawk will be able to lend out $8,100 c) First Jayhawk's assets and liabilities both will increase by $9,000 d) All of the above are correct Question 46 The ease with which an asset can be Question 46 options a) traded for another asset determines whether or not that asset is a unit of account b) transported from one place to another determines whether or not that asset could serve as fiat money c) converted into a store of value determines the liquidity of that asset d) converted into the economy's medium of exchange determines the liquidity of that asset Question 47 The Fed can influence unemployment in Question 47 options a) the short run and in the long run b) the short run, but not in the long run c) the long run, but not in the short run d) neither the short nor the long run Question 48 Suppose the banking system currently has $300 billion in reserves the reserve requirement is 10 percent and excess reserves amount to $3 billion What is the level of deposits Question 48 options a) $3,300 billion b) $2,970 billion c) $2,700 billion d) $2,673 billion Question 49 At the Federal Reserve Question 49 options a) the nation's monetary and fiscal policies are made by the Federal Open Market Committee, which meets about every six weeks b) the nation's monetary and fiscal policies are made by the Federal Open Market Committee, which meets twice a year c) the nation's monetary policy is made by the Federal Open Market Committee, which meets about every six weeks d) the nation's monetary policy is made by the Federal Open Market Committee, which meets twice a year Question 50 Which of the following is correct Question 50 options a) The Federal Reserve has 14 regional banks The Board of Governors has 12 members who serve 7 year terms b) The Federal Reserve has 14 regional banks The Board of Governors has 7 members who serve 14 year terms c) The Federal Reserve has 12 regional banks The Board of Governors has 12 members who serve 7 year terms d) The Federal Reserve has 12 regional banks The Board of Governors has 7 members who serve 14 year terms

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Question 41 Mia puts money into a piggy bank so she can spend it later. What function of money does this illustrate? Question 41 options:

Question 41

Mia puts money into a piggy bank so she can spend it later. What function of money does this illustrate?

Question 41 options:

a)	store of value

b)	medium of exchange

c)	unit of account

d)	None of the above is correct.

Question 42

Which of the following is correct concerning the FOMC?

Question 42 options:

a)	the members of the Board of Governors have the majority of the votes

b)	the New York Federal Reserve Bank District President is always a voting member

c)	all Federal Reserve Bank presidents attend the meetings

d)	All of the above are correct.

Question 43

Which of the following is a store of value?

Question 43 options:

currency

b)	U.S. government bonds

fine art

d)	All of the above are correct.

Question 44

If the discount rate is lowered, banks borrow

Question 44 options:

a)	less from the Fed so reserves increase.

b)	less from the Fed so reserves decrease.

c)	more from the Fed so reserves increase.

d)	more from the Fed so reserves decrease.

Question 45

Suppose banks desire to hold no excess reserves and that the Fed has set a reserve requirement of 10 percent. If you deposit $9,000 into First Jayhawk Bank,

Question 45 options:

a)	First Jayhawk's required reserves increase by $900.

b)	First Jayhawk will be able to lend out $8,100.

c)	First Jayhawk's assets and liabilities both will increase by $9,000.

d)	All of the above are correct.

Question 46

The ease with which an asset can be

Question 46 options:

a)	traded for another asset determines whether or not that asset is a unit of account.

b)	transported from one place to another determines whether or not that asset could serve as fiat money.

c)	converted into a store of value determines the liquidity of that asset.

d)	converted into the economy's medium of exchange determines the liquidity of that asset.

Question 47

The Fed can influence unemployment in

Question 47 options:

a)	the short run and in the long run.

b)	the short run, but not in the long run.

c)	the long run, but not in the short run.

d)	neither the short nor the long run.

Question 48

Suppose the banking system currently has $300 billion in reserves; the reserve requirement is 10 percent; and excess reserves amount to $3 billion. What is the level of deposits?

Question 48 options: