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SOL 13d What is the role of the Federal Reserve System? The ________________ ________________ System (FED) is our nation’s __________________ bank. As the __________________ __________________ of the United States, the Federal Reserve System: 1. Has the duty to maintain the ___________________ of the national ___________________________. 2. ___________________ banks to ensure the soundness of the ______________________ system and the ___________________ of ____________________. 3. Manages the amount of __________________ in the economy to try to keep ____________________ _______________ and _______________. 4. Acts as the _______________ _______________ __________. SUMMARY: The __________ __________ System, is our nation’s ________ ___________. SOL CE 13d Review: The Federal Reserve Directions: Determine whether each statement is true (T) or false (f). 1. 2. 3. 4. 5. 6. _________ The Federal Reserve Bank is the nation’s central bank. _________ One of the Fed’s goals is to keep prices steady. _________ The Fed has no influence on monetary policy in the U.S. _________ Inflation and deflation can occur when the flow of money and credit are out of balance. _________ During inflation, prices decrease. _________ During deflation, prices increase. Directions: Using the word bank below, fill in the blanks to complete the passage. Central Inflation Currency Fed Federal Manage Safety Value The Federal Reserve Bank, also known as the _____________________, is our nation’s ___________________________ bank. The Fed’s responsibilities are to maintain the ________________________ of our ____________________________; regulate banks to ensure the soundness of the banking system and the ________________________ of deposits; ________________________ the amount of money in the economy to try to keep ________________________ low and stable; and act as the _____________________________ government’s bank. SOL CE 13c Review: How Our Government Can Effect the Economy Directions: Using the word bank below, fill in the blanks to complete the passage. Taxes Borrows Influence Demand Business 16th Decreases Production Congress Spending The government taxes, ________________________, and spends money to __________________________ economic activity. The ______________ Amendment to the U.S. Constitution gives ___________________________ the power to tax incomes. This is known as income tax. If you work, you pay income tax. Decreased government _____________________________ may result in lower _________________. Tax __________________ increases funds for private and ________________________ spending. Increased government spending increases _____________________, which may increase employment and ______________________________.