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What gives commodity money its value?
a government’s guarantee of its value
the type of material with which it is made
its rate of exchange in other countries
the ability to trade it for a valuable good
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the type of material with which it is made
Commodity money has intrinsic value because the commodity itself (e.g., gold, silver, tobacco) is useful or valued for purposes other than as a medium of exchange.
Commodity money has intrinsic value because the commodity itself (e.g., gold, silver, tobacco) is useful or valued for purposes other than as a medium of exchange.
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