ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Uniformity in currency means that each individual unit holds the same value. A $10 bill is uniform because it is virtually identical to any other $10 bill while a chicken may have a variety of possible values compared to another chicken and is, therefore, less uniform as a currency.

Detailed explanation-2: -Uniformity. Every bill and coin of the same value needs to look the same. Money must be uniform in that one $20.00 bill and another $20.00 bill must be able to buy the same thing. •

Detailed explanation-3: -Uniformity. Cows come in many sizes and shapes and each has a different value; cows are not a very uniform form of money. Twenty-dollar bills are all the same size and shape and value; they are very uniform.

Detailed explanation-4: -Fiat money is money that some authority, generally a government, has ordered to be accepted as a medium of exchange. The currency-paper money and coins-used in the United States today is fiat money; it has no value other than its use as money.