Briefly explain the difference between commodity money, commodity-backed money, and fiat money. In the past we have observed countries that have adopted fiat money standards on average have higher rates of inflation than countries with commodity-backed money standards. Briefly explain why that would be the case.
Briefly explain the difference between commodity money, commodity-backed money, and fiat money. In the past we have observed countries that have adopted fiat money standards on average have higher rates of inflation than countries with commodity-backed money standards. Briefly explain why that would be the case.
Chapter1: Making Economics Decisions
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Briefly explain the difference between commodity money, commodity-backed money, and fiat money. In the past we have observed countries that have adopted fiat money standards on average have higher rates of inflation than countries with commodity-backed money standards. Briefly explain why that would be the case.
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