Which of the following backs our money supply?

Question

Quizplus · Accepted Answer

The value of our money supply is based on the public's belief and confidence in the government's ability to provide a functioning medium of exchange. This is known as the concept of fiat money. While the words "This note is legal tender" and the U.S. dollar are important aspects of our currency, they alone do not fully back the money supply. Precious metals are no longer used to back the money supply in most countries, including the United States.

Which of the Following Backs Our Money Supply