According to Chartalism, fiat (paper) money has value because
it is declared legal tender
it is backed by precious metal such as gold
the government promises to convert it into gold
it is the only thing the state will accept in payment of taxes
all of the above
According to Orthodox monetary theory, the three policy tools of the FED are:
open market operations, changing the discount rate, changing the required reserve ratio
open market operations, changing the fed funds rate, changing the discount rate
changing the fed funds rate, changing the discount rate, changing the required reserve ratio
open market operations, changing the required reserve ratio, buying and selling bonds
According to Heterodox theory all money
is a social relation of credit and debt
all of the above
is backed by legal tender laws
evolved from a barter economy
What is the purpose of federal taxes according the heterodox view of money?
to help the government pay its bills, balance its budget, and pay down the national debt
to create demand for the currency, regulate aggregate demand, and influence the distribution of income
to provide the government with revenue and regulate aggregate supply
None of the above
to keep government spending under control
According to heterodox theory, if the government runs a surplus this is likely to have what effect on the Fed Funds Rate
It will have no effect on the Fed Funds Rate
A surplus crowds in private spending putting upward pressure on the Fed Funds Rate
A surplus tends to reduce the amount of reserves in the banking system driving the Fed Funds Rate up
A surplus tends to increase the amount of reserves in the banking system driving the Fed Funds Rate down
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