1) An important function of commercial banks is to a) print new currency b) issue flat money c) mint coins d) make loans 2) Money is legal tender if a) people willingly accept it in payment of debts b) it is backed by gold or silver c) it is commodity money d) the government says it 3) The Federal Reserve system has the power to a) raise or lower federal income tax b) balance the federal government budget c) increase or decrease government spending d) Buy and sell federal government securities 4) All of the following are goals of the Fed except one: What is the exception? a) a high level of employment b) stability in interest rates c) rising prices d) stability in financial markets 5) Banks earn a profit on the difference between a) interest charged to depositors and interest offered to borrowers b) interest charged on loans and interest paid on deposits c) deposit and loan balances d) liabilities and deposits 6) The Federal Reserve may increase the money supply by a) selling a bond to a member bank b) selling a bond to securities dealer c) open market sales to banks d) open market buys from banks 7) The First National Bank acquires $500,000 in new deposits; the required reserve ratio is 12% a) The first national bank can increase its loans by $500,000 b) nothing changes c) The first national bank can increase its loans by $440,000 d) the entire banking system can increase the money supply by no more than $500,000,000 8) If money demand increases and the Fed does not alter its monetary policy then, a) the money supply will increase b) the money supply will decrease c) interest rates will decrease d) interest rates will increase 9) According to the passive policy position, an expansionary gap will be eliminated because a) the short run aggregate supply will shift to the left b) the short run aggregate supply will shift to the right c) rising prices will shift the aggregate demand to the left d) wages will fall quickly 10) Which of the following is not a tool of fiscal policy ? a) money supply b) government purchases c) taxes d) unemployment benefits 11) In a recession, which of the following is most likely policy stance of the passive approach? a) cut taxes b) increase spending c) decrease spending d) let the economy fix itself 12) Which of the following defines inflation? a) supply increases b) demand increases c) taxes increases d) an increase in the level of prices for goods and services 13) A factory worker is laid off because GM is going under a) frictional unemployment b) structural unemployment c) cyclical unemployment d) demand unemployment  14) What days are Katelyns office hours? a) Mondays and Fridays b) Tuesdays and Thursdays c) Wednesdays and Fridays d) Mondays and Tuesdays 15) What days are Katelyns sessions? a) Tuesdays and Thursdays b) Wednesdays and Fridays c) Fridays and Saturdays d) Everyday

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