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Q: 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.
A: It was used as a currency.
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Original conversation
User: Which of the following statements is true? a. Money is a medium of exchange. c. Money serves as a store of value. b. Money is a unit of account. d. all of the above

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 is an example of representative money? a. a fur coat c. gold earrings b. diamonds d. an IOU note

Weegy: D. IOU note is an example of representative money.
harrytotteer|Points 70|

User: Why is representative money more useful than commodity money? a. Representative money can be used for other things besides currency. For example, gems can be made into jewelry, and cotton can be made into clothing. b. Representative money has value because the government has decreed that it is an acceptable means to pay debts. Commodity money had value only to people who believed it had value. c. Representative money exists in unlimited supply, allowing many more people to make use of it. d. Representative money is portable, durable, divisible, and acceptable. It can also be exchanged for something else of value

Weegy: D. Representative money is portable, durable, divisible, and acceptable.
scijoe21|Points 2275|

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

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Asked 6/24/2013 7:25:10 AM
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