18) Fiat money has A) little to no intrinsic value but is backed by the quantity of gold held by the central bank. B) a great intrinsic value that is independent of its use as money C) value, because it can be redeemed for gold by the central bank. D) little to no intrinsic value and is authorized by the central bank or governmental body

18) Fiat money has A) little to no intrinsic value but is backed by the quantity of gold held by the central bank. B) a great intrinsic value that is independent of its use as money C) value, because it can be redeemed for gold by the central bank. D) little to no intrinsic value and is authorized by the central bank or governmental body

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Monetary System

Section: Chapter Questions

Problem 3PA

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