Which of the following "backs" the value of money in the United States?

Question

Quizplus · Accepted Answer

The value of money in the United States is backed by the acceptability of it as a medium of exchange, which simply means that people and businesses trust that they can use U.S. dollars to buy goods and services. While the U.S. dollar used to be backed by gold, this is no longer the case since President Nixon removed the gold standard in 1971. The willingness of foreign governments to hold U.S. dollars and the size of the U.S. government's budget surplus can have an impact on the value of the dollar, but they are not direct factors that "back" the value of the currency.

Which of the Following "Backs" the Value of Money in the United