Select True and False for these statements below:

11. Money is a liquid asset because of the ease of converting it into spending power.

12. Cash cannot be a liquid asset.

13. Money serves as a unit of account and as a means of payment, but not as a store of value.

14. Purchases and sales of government securities by The Fed are called closed market operations.

15. A credit card has the same functions as money.

16. During a recession we can expect unemployment to increase.

17. GDP= C + I G + NX. C is the smallest element of this identity.

18. Full employment means that everyone has a job.

19. The Fed/Central bank of the US has authority over the money supply and interest rates.

20. Monetary policy involves government spending and taxation.