An instrument used in lieu of legal tender is k... - JAMB Commerce 2017 Question
An instrument used in lieu of legal tender is known as ______?
A
Token money
B
commodity money
C
fiat money
D
representative
correct option: b
Money is a type of asset in an economy that is used to buy goods and services from other people. A commodity is a physical item that is interchangeable with another item of the same type or value.
This is the use of specific commodity as a form of money. Its value as a piece of metal is the same with its value as a piece of money.
This is the use of specific commodity as a form of money. Its value as a piece of metal is the same with its value as a piece of money.
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