The three main monetary policy tools used by the Federal Reserve to manage the money supply are
A. interest rates, tax rates, and government spending.
B. tax rates, government purchases, and government transfer payments.
C. open market operations, discount policy, and reserve requirements.
D. open market operations, the exchange rate of the dollar against foreign currencies, and government
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A bank's liabilities are
A. things owned by or owed to the bank.
B. things the bank owes to someone else.
C. a measure of the bank's net losses.
D. included as part of the bank's reserves.
If a person withdraws $500 from his/her savings account and puts it in his/her checking account, then M1 will ________ and M2 will ________.
A. increase; decrease
B. increase; not change
C. not change; decrease
D. not change; increase
Liquidity is defined as
A. the ease with which a given asset can be converted to a store of value.
B. the ease with which a given asset can be converted to a unit of account.
C. the ease with which a given asset can be converted to a medium of exchange.
D. the ease with which a given asset can be converted to a standard of deferred payment.
Dollar bills in the modern economy serve as money because
A. they are backed by the gold stored in Fort Knox.
B. they can be redeemed for gold by the central bank.
C. they have value as a commodity independent of their use as money.
D. people have confidence that others will accept them as money
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