The Australian dollar is called
A)faith money.
B)convertible money because the government stands ready to convert it into gold or silver.
C)commodity money,because it is convertible into gold.
D)frail money because it is ruined by wear and tear.
E)fiat money because the law decrees it is money.

Question

Quizplus · Accepted Answer

The Australian dollar is an example of fiat money because its value is not backed by a commodity such as gold or silver, but rather by government decree and acceptance in the economy.

The Australian Dollar Is Called