Describe the concept of commodity money and provide historical examples of commodities used as money. A) Commodity money is a type of currency with no intrinsic value. B) Commodity money is currency backed by tangible assets, such as gold, silver, or other valuable commodities. Historical examples include the gold standard, where currency could be exchanged for a fixed amount of gold, and the use of cattle as currency in some ancient societies. C) Commodity money refers to digital cryptocurrencies like Bitcoin. D) Commodity money has no historical precedent.

Describe the concept of commodity money and provide historical examples of commodities used as money. A) Commodity money is a type of currency with no intrinsic value. B) Commodity money is currency backed by tangible assets, such as gold, silver, or other valuable commodities. Historical examples include the gold standard, where currency could be exchanged for a fixed amount of gold, and the use of cattle as currency in some ancient societies. C) Commodity money refers to digital cryptocurrencies like Bitcoin. D) Commodity money has no historical precedent.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter12: Money, Banking And The Financial System

Section: Chapter Questions

Problem 13QP

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