YHS Economics 6 Wk. Exam Review, 2nd 9 Wks.

The US government is suspicious of cryptocurrency because:

• They cannot regulate it

• Crypto is used for illegal activities

• Its value is not stable

• All of the above

True or false: When you use a credit card, you must pay that money back to the credit card company.

• True

• False

Which is a service offered by banks?

• Providing savings accounts

• Offering loans

• Issuing debit cards

• All of the above

What is a benefit of using a debit card?

• You have to pay back a credit card company

• They never expire

• They can't be used online

• They take up less space than cash and coins

One of the duties of the Federal Reserve is to:

• Tell hospitals to see more patients

• Sell pet insurance

• Tell banks how much money they need to keep in reserve (the reserve requirement)

• Steal money from other countries

How does the Federal Reserve impact local economies?

• They stop call center scammers

• They donate to homeless shelters

• They set the loan interest rates that banks must follow

• They elect politicians

Which is an advantage of online banking?

• You can pay bills online

• You can view your account balance

• You don't have to carry cash

• All of the above

What is a disadvantage of bartering/trading?

• You have to carry around heavy items

• No one may want your items

• The items you're trading may expire, run away, die, etc.

• All of the above

Fiat money is:

• Money that has value because the government says so

• Money that has value in addition to being used as money

• Money backed by gold or silver

• None of the above

Items used as money that have more purposes aside from being used as money are called:

• Fiat money

• Credit cards

• Debit cards

• Commodity money