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Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111 Exercise 11
What establishes the value of fiat money?
A) Our collective trust and confidence that the central government, which decrees that money cannot be refused as payment for debt.
B) Gold and silver owned by the large commercial banks.
C) The central government authority's promise to redeem fiat money for gold or silver upon demand.
D) None of the answers above are correct.
A) Our collective trust and confidence that the central government, which decrees that money cannot be refused as payment for debt.
B) Gold and silver owned by the large commercial banks.
C) The central government authority's promise to redeem fiat money for gold or silver upon demand.
D) None of the answers above are correct.
Explanation
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Verified
Gold and silver has high material value....
Economics for Today 9th Edition by Irvin Tucker
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