True or False:
1. Money is anything that is generally accepted in exchange for goods or services.
2. In the United States, the Federal Reserve System issues paper currency.
3. Checks provide the basis for most transactions of relatively modest size in the United States today.
4. Metallic coins and paper currency are the only forms of legal tender.
5. Most of the money that we use for day-to-day transactions is official legal tender.
6. Other checkable deposits that earn interest but have some restrictions have become an important component in the supply of money.
7. The use of transaction deposits instead of currency provides an element of insurance or safety.
8. Credit cards are included in some measures of the money supply.