How does the modern money of the United States differ from money used in the past?

Question

How does the modern money of the United States differ from money used in the past?

The U.S. dollar has intrinsic value and is redeemable for a commodity of value.
The U.S. dollar has no intrinsic value and is not redeemable for a commodity of value.
The U.S. dollar has intrinsic value but is not redeemable for a commodity of value.
The U.S. dollar has no intrinsic value but is redeemable for a commodity of value.

Answer 1

The correct answer is: The U.S. dollar has no intrinsic value and is not redeemable for a commodity of value. Unlike in the past, the U.S. dollar is no longer backed by a commodity such as gold and is considered a fiat currency. Its value is determined by the government and the market, rather than being tied to a physical commodity.