Consider a hypothetical economy in which rice functions as money. In addition to being valued as money, rice is valued as a consumer good. In this scenario, rice is said to be(1 point)

Question

Responses

commodity money.
commodity money.

representative money.
representative money.

currency.
currency.

fiat money.

Answer 1

In the hypothetical economy you described, rice is functioning both as a medium of exchange (money) and as a consumer good. This type of money, which has intrinsic value because it is a commodity that can be consumed, is referred to as commodity money. So, the correct response is:

commodity money.