Asked by Erika Driesen on May 06, 2024
Verified
Commodity money cannot be used as a unit of account.
Commodity Money
Money whose value comes from a commodity of which it is made, such as gold and silver, used historically as a medium of exchange.
Unit Of Account
A standard numerical monetary unit of measurement that provides a consistent way of quoting prices and conducting economic transactions.
- Gain an understanding of money's purposes, which include acting as a unit of account, medium of exchange, and store of value.
Verified Answer
RM
Rachel MegdalMay 07, 2024
Final Answer :
False
Explanation :
Commodity money can be used as a unit of account because it has intrinsic value and can serve as a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions.
Learning Objectives
- Gain an understanding of money's purposes, which include acting as a unit of account, medium of exchange, and store of value.
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