Practice mode Money, Interest Rates And Output

What is the name for an item declared to be money that has no intrinsic worth?

Correct answer A. Fiat money

Explanation

Fiat money, such as modern banknotes, has value only because the government declares it legal tender and people trust it, not because of the material it is made from.

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What is the name for an item declared to be money that has no intrinsic worth?

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What is the name for an item declared to be money that has no intrinsic worth?

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