Gold, silver and cowrie shells, which have value beyond their use as money, are:
AFiat money
BLegal tender
CDemand deposits
DCommodity money
Answer & Solution
Correct answer: D. Commodity money
1. Gold is also used in electronics and jewellery.
2. Such items are commodity money.
3. Silver certificates were commodity-backed.
_Source: OpenStax Principles of Macroeconomics for AP Courses 2e, Chapter 13, Money and Banking (CC BY 4.0)._
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