10. Are credit cards money?
No, credit cards fail to
meet the store-of-value
criterion and are
therefore not money
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11. What are other
properties of money?
Money must be โฆ
โข portable
โข divisible
โข uniform
โข acceptable
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12. Is our money backed by
gold or silver?
No, our paper money was
exchangeable for gold until
1934, and in 1963 Congress
removed the right to
exchange $1 bills for silver
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17. the Federal Reserve System
The 12 central banks that
service banks and other
financial institutions
within each of the Federal
Reserve districts
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20. What does a federal
reserve bank do?
โข Controls the money supply
โข Clears checks
โข Supervises and regulates banks
โข Maintains and circulates currency
โข Protects consumers
โข Maintains federal government
checking accounts and gold
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21. What is the Federal
Deposit Insurance
Corporation?
The FDIC is a government
agency established in
1933 to insure
commercial bank deposits
up to a specified limit
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