Money made with silver, gold, and chocolate are examples of ________ money.
A) fiat
B) commodity
C) backed
D) government
E) None of these answers is correct.

Question

Quizplus · Accepted Answer

Commodity money is money that has intrinsic value, such as precious metals or other valuable commodities, rather than just representing value as in fiat money. Silver and gold are examples of commodity money, and in some cultures, chocolate was also used as a form of commodity money. Backed money is also related to commodity money, but it specifically refers to money that is backed by a commodity, usually a precious metal, rather than being the commodity itself. Fiat money is money that has no intrinsic value and is valuable only because a government has declared it to be so.

Money Made with Silver, Gold, and Chocolate Are Examples of ________