The key to having the citizens in an economy accept something as money is
A) having the federal government declare the good be accepted in payment of debts.
B) having the federal government declare that the good is legal tender.
C) that the good should have gold backing it.
D) that all citizens accept the good as a means of payment for transactions and debts.

Question

Quizplus · Accepted Answer

The key to having citizens accept something as money is that it should be widely accepted as a means of payment for transactions and debts. It is a matter of social convention rather than government declaration or gold backing. If people do not trust or use a particular good as money, it cannot function as currency or a store of value.

The Key to Having the Citizens in an Economy Accept