Fiat Money Is Backed By

question 137

Multiple Choice

Fiat money is backed by:

• A)gold or silver.
• B)fractional reserves.
• C)the promise of a bank to redeem it upon presentation.
• D)the commodity in which it is denominated.
• E)nothing.

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Definitions:

Scarce Supply

A situation where the availability of a particular resource or commodity is limited or not sufficient to meet demand.

Allocate Resources

The process of assigning available resources, typically in an organization, to specific tasks or projects to achieve efficiency and goals.

Abortion

The medical procedure of ending a pregnancy so it does not result in the birth of a baby.

Autonomy

The capacity to make an informed, uncoerced decision independently.