Money Classification Quiz

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Questions and Answers

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 Signup and view all the answers

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 Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

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