Paper Money Is Fiat Money Because It Has Been Declared

question 124

True/False

Paper money is fiat money because it has been declared by government as a means of exchange.

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Definitions:

Law

A system of rules created and enforced through social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate.

Socially Constructed

A concept or perception that has been created and accepted by the people in a society through cultural and social practice.

Relative

Considered in relation or in proportion to something else; not absolute.

Crime

Acts or omissions that constitute offenses against the public, punishable by law, and involve harm to society or its norms.