The ________ Phase of Globalization Began Around 1900 and Was

question 68

Multiple Choice

The ________ phase of globalization began around 1900 and was associated with the rise of electricity and steel production.

• A) first
• B) second
• C) third
• D) fourth

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Definitions:

Fiat Money

Fiat money is currency that a government has declared to be legal tender, despite it not being backed by a physical commodity.

Precious Metal

Rare, naturally occurring metallic elements of high economic value, typically used for currency, jewelry, and other arts because of their rarity, durability, and aesthetic qualities.

Fiat Money

A form of money officially accepted as legal tender, not supported by a real commodity, as declared by authorities.

Commodity Money

Money whose value comes from a commodity of which it is made, such as gold or silver, with intrinsic value.