Which of the following best explains the difference between fiat money and
commodity money?
A. Commodity money can be used for some other purpose while fiat
money can only be used as a medium of exchange.
B. Commodity money must be a precious metal that people will value
because of its beauty and usefulness.
C. Commodity money has value because someone declares that it
has value while fiat money has value in itself.
D. Commodity money is used in a barter system while fiat money is
used in a free-market system.
SUBMIT