U.S. paper currency is considered representative commodity money because it can be redeemed for gold by the U.S. government.

Name: U.S. paper currency is considered representative commodity money because it can be redeemed for gold by the U.S. government.
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Question

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U.S. paper currency is considered fiat money, which means its value is not based on physical commodities like gold or silver but rather on the government's declaration that it has value for the purpose of making transactions.

US Paper Currency Is Considered Representative Commodity Money Because It