Money that some authority, generally a government, has ordered to be accepted as a medium of exchange is called _____ money.

Question

Quizplus · Accepted Answer

Fiat money is the type of money that is declared legal tender by a government decree or fiat. This means that the value of fiat money is not based on a physical commodity, like gold or silver, but on the stability and creditworthiness of the government that issues it.

Money That Some Authority, Generally a Government, Has Ordered to Be