TECHNOLOGYS ETHICAL LEGAL PRIVACY ISSUES
IMPACT OF TECHNOLOGY ON PRIVACY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Currency backed by a gold standard
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A currency used to purchase a car
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A currency backed by a physical commodity
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A currency that is declared a currency by the government, although not backed by a physical commodity
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Detailed explanation-1: -A fiat money is a type of currency that is declared legal tender by a government but has no intrinsic or fixed value and is not backed by any tangible asset, such as gold or silver.
Detailed explanation-2: -fiat money, in a broad sense, all kinds of money that are made legal tender by a government decree or fiat. The term is, however, usually reserved for legal-tender paper money or coins that have face values far exceeding their commodity values and are not redeemable in gold or silver. fiat money.
Detailed explanation-3: -Fiat money is a government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks greater control over the economy because they can control how much money is printed.
Detailed explanation-4: -That means, the government declares fiat money to be legal tender, which requires all people and firms within the country to accept it as a means of payment. For example: A 10 Rupee note in India issued by RBI & is signed by the Governer of RBI & is guaranteed by RBI.
Detailed explanation-5: -Legal Tender: Legal tender refers to the money which can be legally used to make payments of debts or other obligations. Fiat money: Fiat money refers to the money which is backed with the order of the government under law. It must be accepted for all debts.