Meaning and history/ evolution of money. - SS1 Commerce Past Questions and Answers - page 1
What is the main purpose of money?
To store goods and services
To serve as a medium of exchange, unit of account, and store of value
To represent a claim on a commodity
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Which of the following was an early form of money?
Shells
) Online banking
Cryptocurrency
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What is fiat money?
Money backed by a commodity
Money with intrinsic value
Money declared as legal tender by the government
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What is representative money?
Money backed by a commodity
Money with intrinsic value
Money declared as legal tender by the government
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Which form of money relies on people's trust in the government and the economy?
Fiat money
Representative money
Representative money
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What is the primary purpose of money?
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What is the main difference between commodity money and fiat money?
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