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Question

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Consider the following statements about commodity money:

1. Gold coins can be considered as commodity money
2. Value of commodity money is dependent on intrinsic value of money

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Which of the above are correct?

A
1 only
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B
2 only
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C
Both 1 and 2
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D
None of the above
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Solution

The correct option is C Both 1 and 2

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods. Examples of commodities that have been used as media of exchange include gold, silver, copper, salt, peppercorns, tea, decorated belts, shells, alcohol, cigarettes, silk, candy, nails, cocoa beans, cowries and barley.

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