Fundamentals of Economics. Доловова Н.Н - 40 стр.

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40
40
Federal Reserve, monetary policy is made by the Federal Open Market Committee
(FOMC).
Answer the questions
1. What agency is responsible for regulating the system of money in the USA?
2. What other major central banks around the world do you know?
3. What can you read on the top of a dollar bill?
4. When and why was the Federal Reserve created?
5. Who runs the Fed?
6. What authorities do Fed governors have?
7. What’s the term length of governors?
8. What are the functions of the Fed chairman?
9. How is the Federal Reserve System organized?
10. What two related jobs does the Fed have?
Fill in the gaps using the words given
(value, regulate, inflation, borrow, unemployment, temporary, concessions)
1. This episode is one of history's most spectacular examples of_____, an increase
in the overall lev e l of pric es in the ec onomy.
2. When a government creates large quantities of the nation's money, the _____
of the money falls.
3. This trade off between inflation and _____ is called the Phillips curve, after the
economist who first examined this relationship.
4. It may take several years before all firms issue new catalogs; all unions make
wage_____, and all restaurants print new menus.
5. The tradeoff between inflation and unemployment is only _____, but it can last
for several years.
6. The Fed is an example of a central bank—an institution designed to over-see
the banking system and _____ the quantity of money in the economy.
7. That is, the Fed makes loans to banks when banks themselves want to _____.
LESSON 10
Interdependence and the Gains from Trade
Consider your typical day. You wake up in the morning, and you pour yourself
juice from oranges grown in Florida and coffee from beans grown in Brazil. Over
breakfast, you watch a news program broadcast from New York on your television

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