What is Fiat money? - General Economics & Indian Economy

Q.  What is Fiat money?
- Published on 10 Jun 15

a. Whose value comes from a commodity of which it is made.
b. Which derives its value from government regulation or law.
c. Any type of money that has face value greater than its value as material substance.
d. Both b and c

ANSWER: Both b and c
 
Fiat money is currency which derives its value from government regulation or law. Any type of money that has face value greater than its value as material substance. Used in this sense, fiat money is a type of representative money.

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