• Explain the organization of the Federal Reserve System.
• Explain reserve requirements.
• Explain the three types of unemployment.
• What is the difference between the nominal interest rate and the real interest rate?
• What are the four functions of money?
• What policy tools does the Fed use to control money supply?
• Discuss the Fed's effectiveness in fighting inflation and recession.
• What is hyperinflation and why is it acceptable under some circumstances?
• Is "monopoly" a good name for the game "Monopoly"? What aspects of the game involve monopoly? Explain using the economic aspects, definition, and function of monopolies.