Question

hat is true of representative money? Check all that apply.

It can be exchanged for a valuable good.
It was once the most common form of money.
It was used in systems involving a "gold standard."
It can be traded for a commodity such as silver.
It is made with precious metals or stones.

Answer 1

Check all that apply:

- It can be exchanged for a valuable good. — True
- It was once the most common form of money. — True
- It was used in systems involving a "gold standard." — True
- It can be traded for a commodity such as silver. — True
- It is made with precious metals or stones. — False

Explanation (brief): Representative money (e.g., banknotes) is a claim on a commodity like gold or silver and was widely used historically (especially under gold/silver standards). It is not itself made of precious metals—that would be commodity money.