How is the value of money fundamentally determined?
A) by the reputation of the bank that holds it
B) by the reputation of the person who holds it
C) by the amount of gold or silver for which it can be redeemed
D) by the value of the commodities for which it can be traded
Correct Answer:
Verified
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Q49: When is money considered to be legal
Q50: What is fiat money backed by?
A) gold
Q51: When does fractional reserve banking occur?
A) when
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