Answer to Question #51253 in Macroeconomics for bob

Question #51253
State True, False or Uncertain. Because it is no longer backed by the potential for conversion to gold, modern Canadian fiat currency is no longer able to serve as a form of money.
1
Expert's answer
2015-03-14T09:52:45-0400
False. In spite of the impossibility to be backed by the potential for conversion to gold, modern Canadian fiat currency is longer able to serve as a form of money, because it can perform all the functions of money (can be used for buying and selling goods and services, s the common standard for measuring relative worth of goods and service etc.)

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