econ vocab quiz 2 test 4

seven governors, or members, are appointed for staggered 14- yr terms by the president with advice and consent from the Senator.

• board of governors

• monetary policy

• tight money policy

• money supply

"legal lender" has value because a government has decreed that it is an acceptable means to pay debts

• fiat money

• money supply

• tight money policy

• easy money policy

all the money available in the United States economy

• money supply

• easy money policy

• tight money policy

• federal funds rate

a monetary policy that increases the money supply

• easy money policy

• tight money policy

• monetary policy

• commodity money

a monetary policy that reduces the money supply

• tight money policy

• easy money policy

• federal funds rate

• monetary policy

the interest rate that banks can charge each other for loans

• federal funds rate

• store of value

• monetary policy

• fiat money

makes use of objects that have value solely because their holder can exchange them in for something else of value

• representative money

• medium of exchange

• commodity money

• money supply

to keep value when held onto-- or stored-- it instead of spending

• store of value

• medium of exchange

• fiat money

• federal funds rate

a means for comparing the values of goods and services

• unit of account

• store of value

• fiat money

• medium of exchange

the national currency we use today in the United States

• federal reserve note

• money supply

• medium of exchange

• commodity money