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2. Fiat money …… .
a) does not have intrinsic value.
b) is based on silver and gold.
3. The US Federal Reserve System is …… .
a) dependent Government agency.
b) independent Government agency.
4. The Federal Reserve System is administrated by …… .
a) the President and the Congress.
b) the Federal Reserve Board of Governors.
5. U.S. currency can be issued by …… .
a) the President and the Congress.
b) Treasury and Federal Reserve System.
Упражнение 9. Ответьте на вопросы.
1. What is the economy of the country determined by?
2. What facts is a nation’s money supply based on?
3. What is commodity money based on?
4. What is fiat money?
5. What is the function of the U.S. Federal Reserve System?
6. Who administers the Federal Reserve System?
7. Are the Governors independent of political pressure from
the Congress and the President?
8. What organs have the right to issue currency?
9. In what case does demand for goods and services in-
crease?
10. What is an economic growth rule?
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