Paper money is called fiat money because

It is issued with authority of government

General Purchasing power of money

Legal money is called so because

It is official medium of exchange

The buyer must pay in that money

Sellers do not accept any other money

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Learn Macroeconomics 2 in Economics (CBCS) MCQ questions and answers (MCQs) with explanation to score better in any Job Interviews, Campus Recruitments , Competition Exams and Entrance Tests.

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