For a Commodity or Token to Be Money It Must

question 145

Multiple Choice

For a commodity or token to be money it must

• A)be accepted in exchange for all other goods and services.
• B)have a double coincidence of wants.
• C)be backed by government precious metals,like gold.
• D)be paper.
• E)be issued by the government or a government agency.

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Definitions:

Early Eighteenth Century

Refers to the period from 1700 to 1729, a time of significant political, economic, and cultural developments in Europe and its colonies.

James Otis

An American lawyer in the 18th century known for his outspoken opposition to the Writs of Assistance and the British policies that led to the American Revolution.

Sugar Act

A law passed by the British Parliament in 1764 designed to raise revenue from the American colonies by imposing a tax on sugar and molasses imported from places outside the British Empire.