Which of the following best describes fiat money?
Understanding Money and Monetary Policy

Quiz
•
Social Studies
•
12th Grade
•
Easy
NOEL CADENA
Used 12+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Money that has intrinsic value and can be used for other purposes
Money that has value because a government maintains it and people have faith in its value
Money that represents a claim on a commodity and can be exchanged for it
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of representative money?
It has intrinsic value
It is backed by a physical commodity
It is not backed by any physical commodity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary role of the Federal Reserve System?
To print money for the U.S. Treasury
To regulate and oversee the banking system and implement monetary policy
To set tax rates for the federal government
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What significant change occurred in 1971 regarding the U.S. dollar?
The U.S. dollar was removed from the gold standard
The U.S. dollar was made a digital currency
The U.S. dollar was backed by silver
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the role of the U.S. dollar in the world market today?
It is rarely used in international trade
It is the primary reserve currency used globally
It is only used within the United States
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Nora is considering whether to use her debit card or cash for her daily expenses. What is one negative aspect of using debit cards compared to currency?
Debit cards are less secure than carrying cash
Debit cards can incur fees and require electronic infrastructure
Debit cards are not accepted anywhere
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How has the role of government in the U.S. free enterprise system changed over time?
The government has taken a more active role in regulating and stabilizing the economy
The government has completely withdrawn from economic activities
The government has shifted to a barter-based economy
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