What is a fiduciary monetary system?
What will be an ideal response?
A fiduciary monetary system is a system in which currency is issued by the government and its value is based on the public's confidence that the currency represents command over goods and services. The currency used in the system has no intrinsic value.
Economics
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Even when a particular monetary asset is not performing one of the functions of money well, people still use the asset because
A) once an asset is defined as money it is always money. B) people expect money will come back at a later date. C) they have no choice. D) it is still easier than relying on barter.
Economics
When economists use the term "money" they just mean anything that has value to the public.
a. true b. false
Economics