Which of the following characteristics is true of paper currency? O It is the only type of money included in M1. O It includes demand deposits. O It is a type of commodity. O It is the biggest component of M3. O It is fiat money.
Which of the following characteristics is true of paper currency? O It is the only type of money included in M1. O It includes demand deposits. O It is a type of commodity. O It is the biggest component of M3. O It is fiat money.
Chapter12: Money And Banking
Section: Chapter Questions
Problem 1E
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Which of the following characteristics is true of paper currency?
O It is the only type of money included in M1.
O It includes demand deposits.
O It is a type of commodity.
O It is the biggest component of M3.
O It is fiat money.
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