Fiat money
A)has no intrinsic value.
B)is backed by gold.
C)is a medium of exchange but not a unit of account.
D)is any close substitute for currency such as checkable deposits.

Question

Quizplus · Accepted Answer

Fiat money is a currency that has no intrinsic value and is not backed by a physical commodity such as gold or silver. Its value is based solely on the government's declaration that it is legal tender for transactions. Therefore, choice A is the correct answer.

Fiat Money