Question
What is meant by the term commodity money? The use of coins to purchase commodities. A...
What is meant by the term commodity money?
The use of coins to purchase commodities.
A type of certificate of deposit that can be used to buy commodities.
A share invested in commodities.
A type of money that can also function as a commodity.
Answers
Commodity money refer to the money which is composed of commodities. For example, gold coins. The gold coins has an intrinsic value (which is the value of gold used to make the coin).
It need not be just metallic coins. It could be other items like even cigarettes. It is not a certificate of deposit nor is it a share invested in commodities.
Thus, the answer is the last option - it is a type of money that can also function as a commodity
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