In order for any given commodity to be considered money,it has to
A)be issued and controlled by some government institution.
B)have some intrinsic value.
C)be generally acceptable as a means of payment.
D)be convertible into gold or silver.
E)be used in barter transactions.

Question

Quizplus · Accepted Answer

For a commodity to be considered money, it must be generally acceptable as a means of payment. This means that it must be widely recognized and agreed upon as a medium of exchange within society.

While governments may issue and control certain forms of money, this is not a requirement for something to be considered money. Similarly, intrinsic value or convertibility into gold or silver do not necessarily make something money. Finally, while bartering may involve the exchange of commodities, it is not necessary for something to be considered money.

In Order for Any Given Commodity to Be Considered Money,it