Money that some authority has declared legal tender is called:Question 3Select one:a.fiat money.b.currency.c.convertible paper money.d.commodity money.

What is the missing word (according to the course materials)? “One way to comprehend virtual currency is to first understand _______  currency. ______ currency is any legal tender designated and issued by a central authority that people are willing to accept in exchange for goods and services because it is backed by regulation and because they trust this central authority. ________ money is similar to commodity-backed money in appearance and usage, but differs in that it cannot be redeemed for a commodity, such as gold” (European Central Bank, 2012).

1. Money which is issued by the monetary authority of India is known as _____. A. Legal Reserve Ratio B. Legal tender money C. Legal Reserve Requirement D. None of these

Which of the following is the best description of fiat money?Group of answer choicesCheque accounts and debit cards.Coins made of gold and silver.Paper money that can be redeemed for gold or silver.Legal tender that has no intrinsic value.

What is the money in the form of currency and checkable deposits in commercial banks called?Multiple choice question.M1S1S2GDP

Fiat money has value because:A.it is assigned value by a government.B.it can be exchanged for specific goods.C.it is made of a valuable material.D.it can be used for food or shelter.