What is fiat money and how is it circulated?

Answer:

Fiat money is paper money that is circulated by the government by ______________ .

Looking at all the functions of money, which one is the most important function?

Answer:

The most important function of money is to serve as a ______________ of exchange.

How is liquidity defined?

Answer:

Liquidity refers to the ease or rapidity with which assets can be converted into ______________ .