Question

in the past, a united states dollar bill was representative money, which refers to how___. it had a separate economic use other than as currency it could legally be spent by only united states citizens its value was based on the ability to exchange it for gold or silver congressional representatives had to authorize each printing question 5 8 pts today, american paper currency is fiat money, which refers to how _. it had a separate economic use other than as currency the government mandates that it must be accepted it has an alternate economic use other than as currency it can legally be exchanged for gold or silver question 6 8 pts one of the most important effects caused by people saving their money in banks is that banks ___. take responsibility of the money so that bank customers face less tax liabilities use the vast majority of the money to build new bank branches and hire employees loan this money out to individuals and businesses who invest it and grow the economy keep this money in reserve to ensure that the government has access to enough currency to pay off debts. question 7 8 pts

Explanation:

1. Representative money is money that has value because it can be exchanged for a valuable commodity like gold or silver. So for the first question, the value of a US - dollar bill as representative money was based on the ability to exchange it for gold or silver.
2. Fiat money is money that has value because the government says it has value and mandates that it must be accepted as a form of payment. So for the second question, American paper currency as fiat money is mandated to be accepted by the government.
3. When people save money in banks, banks loan out a large portion of this money to individuals and businesses for investment, which helps grow the economy. This is the main effect of bank - savings.

Answer:

Question 4: its value was based on the ability to exchange it for gold or silver
Question 5: the government mandates that it must be accepted
Question 6: loan this money out to individuals and businesses who invest it and grow the economy