A.Credit money is made of precious metals while fiat money is made of paper.
B.Credit money can be converted into precious metals while fiat money cannot.
C.Credit money is more valuable than fiat money because they have different contents.
D.Credit money was circulated in the past while fiat money is used in most modern societies.
A.commodity money is a medium of exchange but fiat money is not.
B.fiat money is a medium of exchange but commodity money is not.
C.commodity money has intrinsic value but fiat money does not.
D.fiat money has intrinsic value but commodity money does not.
Fiat money______.
A.has value because people accept it
B.has no intrinsic value
C.is not backed by commodity reserves
D.is money because the government says it is
E.all of the above
A.always consists of central-bank liabilities
B.always consists of assets that can serve as commercial bank cash reserves
C.always consists of gold coin
D.must be a "fiat" money
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