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Penny is an artist, and John is a carpenter. Penny agrees to paint a portrait of John’s family in exchange for a handmade table created by John. How did Penny and John pay for the goods in their
transaction? a. using a store of value c. through bartering b. with money d. with currency
Penny and John paid for the goods in their transaction: c. through bartering.
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Original conversation
User: Penny is an artist, and John is a carpenter. Penny agrees to paint a portrait of John’s family in exchange for a handmade table created by John. How did Penny and John pay for the goods in their transaction? a. using a store of value c. through bartering b. with money d. with currency

Weegy: Penny and John paid for the goods in their transaction: c. through bartering.
andrewpallarca|Points 21923|

User: In the 1800s, people in mining towns in the West often paid for goods with gold nuggets or gold dust. What was the function of gold? a. It was used as part of a barter system. b. It was used as a currency. c. It was used as representative money. d. It was used as fiat money.

Weegy: It was used as a currency.
latefisher|Points 3420|

User: Which of the following correctly defines money as a unit of account? a. It determines whether a good has value. b. It is determined to be legal by the person in possession of it. c. It provides a means for comparing the values of goods and services. d. It does not retain its value when saved instead of spent

Weegy: c. It provides a means for comparing the values of goods and services. -correctly defines money as a unit of account.
may100|Points 2416|

User: One of the six characteristics economists use to judge how well an item serves as currency is divisibility. What does this concept mean? a. Currency must be divided into equal parts. b. Money must be indestructible and portable. c. Any two units of currency must be uniform. d. Money must be easily divided into smaller denominations.

Weegy: The answer is d. Money must be easily divided into smaller denominations.
jeifunk|Points 9733|

User: What is the difference between commodity money and representative money? a. Commodity money consists of objects used as money that contain their own value, but representative money is a specific group of the commodity objects. b. Commodity money consists of objects that have value in and of themselves, but representative money makes use of objects because the holder can exchange them for something else of value. c. Representative money allows objects to be exchanged for something else, but commodity money has value because the government decreed it is an acceptable means to pay debts. d. Representative money consists of objects that have value in and of themselves, but commodity money makes use of objects because the holder can exchange them for something else of value.

Weegy: What is the difference between commodity money and representative money? c. Representative money allows objects to be exchanged for something else, but commodity money has value because the government decreed it is an acceptable means to pay debts
alfred123|Points 1911|

User: objects that have value because the holder can exchange them for something else of value

User: Money that has value because the government has ordered it is an acceptable means to pay debts is: a. fiat money c. representative money b. commodity money d. uniformed money

Weegy: Money that has value because the government has ordered it is an acceptable means to pay debts is a. fiat money.
Expert answered|Sting|Points 4243|

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Asked 5/22/2013 2:50:38 PM
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Questions asked by the same visitor
Objects that have value because the holder can exchange them for something else of value is called: a. fiat money c. representative money b. commodity money d. uniformed money
Question
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Updated 1/18/2016 5:24:07 AM
1 Answer/Comment
Objects that have value because the holder can exchange them for something else of value is called representative money.
Added 1/18/2016 5:24:07 AM
This answer has been confirmed as correct, not copied, and helpful.
Confirmed by selymi [1/18/2016 5:25:16 AM]
In the 1800s, people in mining towns in the West often paid for goods with gold nuggets or gold dust. What was the function of gold? a. It was used as part of a barter system. b. It was used as a currency. c. It was used as representative money. d. It was used as fiat money.
Weegy: It was used as a currency. User: Which of the following is an example of representative money? a. a fur coat c. gold earrings b. diamonds d. an IOU note Weegy: IOU note is an example of representative money. (More)
Question
Expert Answered
Asked 5/22/2013 3:46:47 PM
0 Answers/Comments
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