What is fiat money

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Please define the following, (a) What is money? (b) What is fiat money and how is if different from commodity money? (c) What are the five standards of money? (d) What was the Gold Standard? (e) As mentioned in class, what are some of the advantages and disadvantages of the Gold Standard? (f) What is currently backing the value of the Greenback (i.e., the U.S. Dollar)?

Reference no: EM133240961

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