Which of the following is an example of fiat money? Select one: a. Gold b. A...
Which of the following is an example of fiat money?
Select one:
a. Gold
b. A dollar bill
c. Elephants
d. Water
Homework Answers
Option B
- Fiat money refers to a currency that is not backed by a physical commodity and they lack intrinsic value.
- This currency is declared as a legal tender by the government.
- Each dollar bill enables us to buy things when needed and have a purchasing power and makes the barter system obsolete.
- Thus a dollar bill is an Example of fiat money.
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