Money
An economy based on trading goods and services for one another instead of using money as a medium of exchange.
What is a barter economy?
These banks are required to be members of the Federal Reserve system.
What are national banks.
This is most common measurement of money supply. It consists of all the cash, coin, and checking account deposits available to spend in the economy.
What is M1?
This tax, collected by the federal government, pays for Medicare and Social Security benefits.
What is FICA?
A tax that takes a larger share of higher incomes than lower incomes.
What is Progressive Income Tax?
What is a condition in which there are two people, each of whom has what the other wants and each of whom is willing to trade for it.
What is mutual coincidence of wants?
The number of members of the Board of Governors.
What is 7?
This is the historical era that led to the end of the Gold Standard.
What is the Great Depression?
The type of tax that is levied against the manufacture, sale, or consumption of certain goods or services.
What is an excise tax?
This is the largest source of revenue for state governments. It is tax revenue collected by the federal government and then transferred to state and local governments.
What is intergovernmental revenue?
The mechanism used to keep money portable, durable, divisible, and scarce.
What is a monetary standard?
The number of members of the Federal Open Market Committee?
What is 12
The type of monetary policy in which the Fed restricts the growth of the money supply and raises interest rates:
The government borrows money by selling these to investors.
What are bonds?
Programs like unemployment insurance, entitlement programs, and the progressive income tax.
What are automatic stabilizers.
This is the type of money that is made from an economic good that has value independent of its use as currency.
What is commodity money?
What is 14 years?
This tool of monetary policy involves the purchase and sale of government bonds by the Federal Reserve.
What are open market operations?
When government spends more than it takes in from tax revenue.
What is a budget deficit?
The total amount of cash and coin that banks that a bank uses to meet its reserve requirement.
What are legal reserves?
A monetary standard in which, like the one used in the United States, paper money cannot be exchanged for gold/silver.
What is an inconvertible fiat standard?
Who is Jerome Powell?
This kind of monetary policy is intended to expand the economy. It can include the federal reserve lowering reserve requirements, lowering interest rates, and buying government bonds on the open market.
What is easy money?
These are the top 3 categories of spending by the federal government.
What are Social Security, national defense, and interest on the debt?
This fiat paper money was issued by the US government during the Civil War. It's name came from the color of ink used to print it.
What is a Greenback?