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20 August, 20:48

Fiat money a. may be used as a medium of exchange, but is not legal tender. b. is worthless. c. has no intrinsic value. d. refers to highly liquid assets that do not serve as a medium of exchange.

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  1. 21 August, 00:19
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    Fiat money c. has no intrinsic value

    Explanation:

    Fiat money is legal tender issued and backed by governments, such as the US dollar and Euro. It is used as a medium of exchange. Unlike gold or other commodity currencies, people accept fiat money only because the government's strength assure that it can be converted to goods or assets. Left without that assurance, it has no (intrinsic) value to us.
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