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In 1971 the US dollar became part of a total fiat system meaning what ?

A. It could no longer be divided into equivalent units
B. It could no longer be used as a medium of exchange
C. It could no longer serve as a storehouse or value
D. It could no longer be converted into gold

Respuesta :

D. It could not longer be converted into gold.

bharathparasad577

The correct answer is option D, It could no longer be converted into gold.

How would you support your answer?

  • This was a sequence of economic reforms introduced by US President Richard Nixon in 1971, including the unilateral cancellation of the US dollar's immediate convertibility to gold.
  • Since then, an institutional framework of nationwide fiat monies has been around, with varying exchange rates between world currencies.

What is fiat money?

Fiat money is a type of government-issued monetary system that is not supported by a tangible asset like silver or gold, but instead by the authorities that granted it.

Learn more about fiat money, here-

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