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Question 8 of 10
In the past, the U.S. dollar was said to be backed by gold. Any person with
U.S. dollars could exchange them for a certain amount of gold at any time.
During that period, the U.S. dollar served as which type of money?
A. Commodity money
B. Representative money
C. Fiat money
D. Currency money

Respuesta :

Answer:

B

Explanation:

Representative Money is the correct answer

The US dollar supported by gold in the historic times served as a type of money called as representative money.

Option B is correct.

What was gold standard?

Gold standard was the practice where the worth of currency is fixed in terms of particular amount of gold.

During the ancient times, the people used US dollar for exchanging into the gold of equal value. This is treated as representative money which means the currency of the country is supported by any of physical property, like gold.

Therefore, the representative money is correct as mentioned in Option B.

Learn more about gold standard in the related link:

https://brainly.com/question/2222040

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