In the first century and a half of the United States' existence, paper money was backed by precious metals. Today, the U.S. dollar is no longer backed by gold or silver. The dollar today is _____ money.
A) commodity
B) fiat
C) pseudo-commodity
D) polymer

Question

Quizplus · Accepted Answer

The term "fiat" refers to money that is not backed by a physical commodity, such as gold or silver. Instead, the value of fiat money is based on government decree or faith in the economy. This is the case with the U.S. dollar today.

In the First Century and a Half of the United