The currency of the United States is: a.backed dollar for dollar by gold. b.backed by a gold cover of 50 percent. c.not backed by any precious metal. d.backed by the government's silver reserves. e.backed by the government's gold and silver reserves

Answered: The currency of the United States is:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The currency of the United States is:

	a.	backed dollar for dollar by gold.
	b.	backed by a gold cover of 50 percent.
	c.	not backed by any precious metal.
	d.	backed by the government's silver reserves.
	e.	backed by the government's gold and silver reserves

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Step 1

First of all United States currency is a fiat currency which was not backed by anything.

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