Question
Which of the following answers applies to a form of fiat money and not a form of representative currency?(1 point)
Responses
Is not widely accepted as a method of payment because it can be redeemed everywhere.
Is not widely accepted as a method of payment because it can be redeemed everywhere.
Does not represent a claim to some specific asset.
Does not represent a claim to some specific asset.
Can't be controlled by the government.
Can't be controlled by the government.
Does not derive its value from government regulation.
Responses
Is not widely accepted as a method of payment because it can be redeemed everywhere.
Is not widely accepted as a method of payment because it can be redeemed everywhere.
Does not represent a claim to some specific asset.
Does not represent a claim to some specific asset.
Can't be controlled by the government.
Can't be controlled by the government.
Does not derive its value from government regulation.
Answers
GPT-4o mini
The correct answer that applies to a form of fiat money and not to representative currency is:
**Does not represent a claim to some specific asset.**
Fiat money does not have intrinsic value or a claim to a specific asset, while representative currency is backed by a physical asset, such as gold or silver.
**Does not represent a claim to some specific asset.**
Fiat money does not have intrinsic value or a claim to a specific asset, while representative currency is backed by a physical asset, such as gold or silver.