Which of the following answers applies to a form of fiat money and not a form of representative currency?(1 point)

Question

Responses

Does not represent a claim to some specific asset.
Does not represent a claim to some specific asset.

Does not derive its value from government regulation.
Does not derive its value from government regulation.

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.

Can't be controlled by the government.
Can't be controlled by the government.

Answer 1

The correct answer is:

Does not represent a claim to some specific asset.

Fiat money does not have intrinsic value and does not represent a claim to a physical commodity, whereas representative currency is tied to a specific asset, like gold or silver.