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
To serve as a medium of exchange, unit of account, and store of value
Which of the following was an early form of money?
Shells
) Online banking
Cryptocurrency
What is fiat money?
Money backed by a commodity
Money with intrinsic value
Money declared as legal tender by the government
What is representative money?
Money backed by a commodity
Money with intrinsic value
Money declared as legal tender by the government
Which form of money relies on people's trust in the government and the economy?
Fiat money
Representative money
Representative money
What is the primary purpose of money?
The primary purpose of money is to serve as a medium of exchange, unit of account, and store of value.
What is the main difference between commodity money and fiat money?
What is the main difference between commodity money and fiat money?