10 Questions
What are the three classifications of money based on the relationship between the value of money as money and the value of money as a commodity?
Full Bodied money, Representative Full bodied money, Credit money
Provide an example of full bodied money from the British period.
One rupee coin made of silver
Define full bodied money.
Any unit of money whose face value and intrinsic value are equal
What is representative full-bodied money?
Money which is usually backed by a physical commodity or asset
How can money be classified based on the relationship between the value of money as money and the value of money as a commodity?
Money can be classified as full bodied money, representative full bodied money, and credit money
What are the three classifications of money based on the relationship between the value of money and the value of money as a commodity?
The three classifications of money are full bodied money, representative full-bodied money, and credit money.
Can you provide an example of full bodied money from the British period?
During the British period, one rupee coin made of silver is an example of full bodied money, where its face value and intrinsic value are equal.
Define full bodied money.
Full bodied money is any unit of money whose face value and intrinsic value are equal, meaning the money value is equal to the commodity value.
What is representative full-bodied money?
Representative full-bodied money refers to money which is backed by a physical commodity, typically precious metal, and can be exchanged for that commodity.
How can money be classified based on the relationship between the value of money and the value of money as a commodity?
Money can be classified as full bodied money, representative full-bodied money, and credit money based on the relationship between the value of money and the value of money as a commodity.
Test your knowledge of money and banking with this quiz focused on the classification of money. Learn about the different types of money and their functions in the financial system. Ideal for Bcom (Hons) I semester students studying Money and Banking at The Bhopal School of Social Sciences.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
