Macroeconomics
10th Edition
ISBN: 9781319105990
Author: Mankiw, N. Gregory.
Publisher: Worth Publishers,
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Question
Chapter 4, Problem 2QR
To determine
Identify the difference between fiat money and commodity money.
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What is commodity money? What is fiat money?Which kind do we use?
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- What is money? What are the functions of money? What items may serve as money? Do you know of any other examples of money that is not currency or coins, in the US or other countries? Does money have to come from a government?arrow_forwardwhat is the role of money in the economy?arrow_forwardWhy can fiat money be successfully used as a currency despite the fact that it has no intrinsic value backing it up?arrow_forward
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