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

representative money.
representative money.

fiat money.
fiat money.

currency.
currency.

commodity money.
commodity money.

Answer 1

In the hypothetical economy you described, rice serves both as a medium of exchange (money) and as a consumer good. Since rice has intrinsic value as a good, it is classified as commodity money.

So the correct response is: commodity money.