Why is paper money often describes as fiat money

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Reference no: EM131159887

a) Why is paper money often describes as “fiat money”?

b) Is fiat money any less money than gold coins are? What kind of authority does it take to turn paper into money?

c) Immediately after the recent recession, U.S. dollars were not as warmly welcomed by retailers in many countries of the world? Why might this not be the case now?

Reference no: EM131159887

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