Which of the following is NOT a characteristic of fiat money?
A) generally acceptable as a medium of exchange
B) provides a way to store wealth over time
C) serves as a unit of account
D) changes in value over time as the amount of fiat money changes
E) always backed by something of high intrinsic value

Question

Quizplus · Accepted Answer

Fiat money is not backed by anything of intrinsic value; its value is solely based on the government's guarantee that it has value and is widely accepted.

Which of the Following Is NOT a Characteristic of Fiat