Fiat money is backed by:
A) gold or silver.
B) fractional reserves.
C) the promise of a bank to redeem it upon presentation.
D) the commodity in which it is denominated.
E) nothing.
Correct Answer:
Verified
Q43: Financial institutions are known as financial intermediaries
Q44: Which of the following are legal tender?
A)A
Q45: Which of the following is most critical
Q46: Federal Reserve notes are _.
A)checks
B)commodity money
C)coins
D)backed by
Q48: Which type of money has the lowest
Q49: Money that is acceptable because the government
Q50: Which of the following is associated with
Q51: Fiat money:
A)has value because people accept it.
B)has
Q52: Which of the following is true if
Q176: The main source of profit for financial
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