Which of the following statements is not true?
A) For most of history gold has been the most common commodity money.
B) The most common form of money in the U.S. is not a commodity money.
C) Gold is an example of a fiat money.
D) U.S. currency is legal tender.

Question

Quizplus · Accepted Answer

Gold is not an example of fiat money. Fiat money is money that is backed by the government's order, or fiat, that it is legal tender. On the other hand, gold is a commodity money that has value due to its scarcity and usefulness in industry and jewelry.

Which of the Following Statements Is Not True