Question
Which of the following illustrates the difference between the U.S. dollar, a form of fiat money, and a U.S. gold certificate, a representative currency?(1 point)
Responses
A gold certificate does not have value in addition to its value as money.
A gold certificate does not have value in addition to its value as money.
A U.S. dollar does not have value in addition to its value as money.
A U.S. dollar does not have value in addition to its value as money.
A U.S. dollar does not represent a claim to some specific asset.
A U.S. dollar does not represent a claim to some specific asset.
A gold certificate does not represent a claim to some specific asset.
Responses
A gold certificate does not have value in addition to its value as money.
A gold certificate does not have value in addition to its value as money.
A U.S. dollar does not have value in addition to its value as money.
A U.S. dollar does not have value in addition to its value as money.
A U.S. dollar does not represent a claim to some specific asset.
A U.S. dollar does not represent a claim to some specific asset.
A gold certificate does not represent a claim to some specific asset.
Answers
GPT-4o mini
The correct response that illustrates the difference between the U.S. dollar, a form of fiat money, and a U.S. gold certificate, a representative currency, is:
**A U.S. dollar does not represent a claim to some specific asset.**
This statement accurately describes how fiat money (like the U.S. dollar) has value based on government regulation and the trust of its users, while a gold certificate (representative currency) represents a specific claim to an amount of gold that can be redeemed.
**A U.S. dollar does not represent a claim to some specific asset.**
This statement accurately describes how fiat money (like the U.S. dollar) has value based on government regulation and the trust of its users, while a gold certificate (representative currency) represents a specific claim to an amount of gold that can be redeemed.