When Countries Replaced Gold and Silver Coins with Paper Money

question 57

Multiple Choice

When countries replaced gold and silver coins with paper money exchangeable for certain amounts of precious metals, the monetary system evolved from using _____ money to using _____ money.

• A) commodity; fiat
• B) commodity-backed; fiat
• C) commodity; commodity-backed
• D) fiat; commodity-backed

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Definitions:

Homogeneous Groups

Groups composed of members who are similar to one another in aspects like social background, beliefs, or demographic characteristics.

Low Skill Levels

Describes individuals or groups who have minimal proficiency, expertise, or competence in a particular area or skill set, often requiring further development or training.

Diversity

The inclusion of individuals representing more than one national origin, color, religion, socioeconomic stratum, sexual orientation, etc.

Performing Orchestras

A group of musicians organized for performing classical music in concerts, characterized by a varied ensemble including string, brass, woodwind, and percussion instruments.