I was at my grandmother's country-house in July.I didn't stay at home and went to the forest almost every day.I saw differen trees,bushes,animals and insects.One day I saw a beautiful butterfly.It was flying from one flower to another.Its wings were so beautiful that I couldn't tear myself away from them.I wanted to catch it.But the butterfly seemed to be magic.I couldn't catch it.Next day I returned to the same place where I saw my butterfly.And I couldn't beleive my eyes.Two beautiful butterflies were flying!I have never seen such wonderful and big butterflies!
1. Money affects the price level and the pace of economic growth.
2. Commodity money is based on precious metals.
3. Many countries are using a fiat money system.
4. The most important function of the Federal Reserve System of the USA is to manage the supply of money and loans.
5. All commercial banks are required by law to be members of the Federal Reserve System.
6. The Federal Reserve System is administered by the Federal Reserve Board of Governors.
7. They are appointed by the President for a 14-year term.
8. They are responsible for the Congress.
9. Governors are independent from the Congress and the President.
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