Question

What is true of representative money? Check all that apply.
1. It can be exchanged for a valuable good.
2. It was once the most common form of money.
3. It was used in systems involving a "gold standard."
4.It can be traded for a commodity such as silver.
5. It is made with precious metals or stones.

Answer 1

Representative money is not a money itself, maybe a token or piece of paper that has no intrinsic value but represents money or can be exchanged for something with value. The following are true of representative money,

1. It can be exchanged for a valuable good.

4. It can be traded for a commodity such as silver.

Answer 2

Answer:

1 3 4

Explanation: