Fiat Money

question 5

Multiple Choice

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.

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Definitions:

Tchebysheff's Theorem

A theorem that provides a bound on the probability that the value of a random variable lies within a certain number of standard deviations of the mean.

Observations

Data collected or noticed during an experiment or study, typically recorded for further analysis.

Percentile

A value below which a certain percent of observations fall, used as a measure to understand the distribution of data in a dataset.

Tchebysheff's Theorem

A theorem stating that for any set of data, the proportion of results within k standard deviations from the mean is at least 1-(1/k^2) for k>1.