Intermediate Macro| Chapter 5 Money

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7 Terms

1
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Define money and list its four functions

Money is the stock of assets that can be readily used to make transactions


2
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Explain barter economy and monetary economy and why the monetary economy prevailed over the barter economy


3
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What are the two kinds of money? Differentiate between them

The two kinds of moeny are fiat money and commodity money


4
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Who conducts monetary policy?


5
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What is the us central bank and how was it createed?


6
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What are the dual mandates of the fed?

  1. Stable Prices

  2. Maximum substainable employment


7
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How does the fed pursue its dual mandate