Currency and Checkable Deposits Are

question 120

Multiple Choice

Currency and checkable deposits are:

• A) Assets of the Federal Reserve Banks or of financial institutions
• B) Redeemable for gold and silver from the Federal Reserve System
• C) Of intrinsic value which determines the relative worth of money
• D) The major components of money supply M1

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Definitions:

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.

Excess Burden

The cost to society created by market inefficiency, particularly through taxation or other government policies, beyond the immediate financial effects.

Tax Revenue

The income that is gained by governments through taxation, which is used to fund public services and infrastructure.

Total Burden

The complete impact, often financial or economic, borne by an entity or system as a consequence of a particular action or policy.