Money

What is the Federal Reserve?

• Agency responsible for international trade
• Central credit union
• Agency responsible for collecting taxes
• Central bank of the U.S.

Currently, what is U.S. money backed by?

• Oil reserves

• Gold

• Silver

• Trust that it is worth something

The value of fiat money is based on

• Gold

• Silver

• Faith and trust

• Blockchain

Which of the following is a specie?

• Euros

• US dollars

• Gold bars

• Bitcoin

Which of the following is a fiat currency?

• US Dollars

• Gold

• Bitcoin

• Silver

Which of these is an example of barter?

• Charging $1 for a hamburger

• Credit card transactions

• Trading a Tom Brady rookie card for a LeBron James rookie card

• Mining for gold and silver

What attributes of gold and silver led to the creation of paper money?

• The ease which they can be shaped into coins

• Their shininess and luster

• Their bulky size and heavy weight

• Their lack of value

Is a US $20 bill a good store of value? Why or why not?