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Which of the following is not a modernform of money?
- a)Paper notes
- b)Demand deposits
- c)Silver coins
- d)None of the above
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Which of the following is not a modernform of money?a)Paper notesb)Dem...
Explanation:
The correct answer is C: Silver coins. Here's why:
- Paper notes: Paper notes, also known as banknotes or bills, are a widely accepted form of money in modern economies. They are issued by central banks and are used as a medium of exchange for goods and services.
- Demand deposits: Demand deposits refer to the funds held in checking accounts at banks. This form of money is commonly used for daily transactions. It can be accessed through various means, such as debit cards or online banking.
- Silver coins: While silver coins were historically used as a form of money, they are not commonly used in modern economies. The value of silver coins is primarily based on the metal content rather than the face value. They are more often collected as bullion or for numismatic purposes.
- None of the above: This option is incorrect because silver coins are not a modern form of money.
In conclusion, silver coins are not considered a modern form of money as they are not widely used for transactions in contemporary economies.
The correct answer is C: Silver coins. Here's why:
- Paper notes: Paper notes, also known as banknotes or bills, are a widely accepted form of money in modern economies. They are issued by central banks and are used as a medium of exchange for goods and services.
- Demand deposits: Demand deposits refer to the funds held in checking accounts at banks. This form of money is commonly used for daily transactions. It can be accessed through various means, such as debit cards or online banking.
- Silver coins: While silver coins were historically used as a form of money, they are not commonly used in modern economies. The value of silver coins is primarily based on the metal content rather than the face value. They are more often collected as bullion or for numismatic purposes.
- None of the above: This option is incorrect because silver coins are not a modern form of money.
In conclusion, silver coins are not considered a modern form of money as they are not widely used for transactions in contemporary economies.
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Community Answer
Which of the following is not a modernform of money?a)Paper notesb)Dem...
Explanation:
What is Modern Form of Money?
Modern forms of money are those that are widely accepted as a medium of exchange in the current economic system. These forms can be easily used for transactions and are recognized as a store of value.
Types of Modern Forms of Money:
Paper Notes:
- Paper notes are one of the most common forms of money used in modern economies.
- They are issued by the central bank and are easily carried for transactions.
- Paper notes are widely accepted for goods and services.
Demand Deposits:
- Demand deposits refer to the money held in checking accounts by individuals and businesses.
- They can be easily accessed through checks, debit cards, or online transfers.
- Demand deposits are a convenient form of money for everyday transactions.
Silver Coins:
- Silver coins are not considered a modern form of money.
- While silver coins were historically used as currency, they are not commonly accepted as legal tender in modern economies.
- Most countries have transitioned to using fiat money, such as paper notes and coins made of base metals.
Conclusion:
Silver coins are not a modern form of money as they are not widely used as legal tender in today's economies. Paper notes and demand deposits are examples of modern forms of money that are commonly used for transactions and are recognized as valuable assets.
What is Modern Form of Money?
Modern forms of money are those that are widely accepted as a medium of exchange in the current economic system. These forms can be easily used for transactions and are recognized as a store of value.
Types of Modern Forms of Money:
Paper Notes:
- Paper notes are one of the most common forms of money used in modern economies.
- They are issued by the central bank and are easily carried for transactions.
- Paper notes are widely accepted for goods and services.
Demand Deposits:
- Demand deposits refer to the money held in checking accounts by individuals and businesses.
- They can be easily accessed through checks, debit cards, or online transfers.
- Demand deposits are a convenient form of money for everyday transactions.
Silver Coins:
- Silver coins are not considered a modern form of money.
- While silver coins were historically used as currency, they are not commonly accepted as legal tender in modern economies.
- Most countries have transitioned to using fiat money, such as paper notes and coins made of base metals.
Conclusion:
Silver coins are not a modern form of money as they are not widely used as legal tender in today's economies. Paper notes and demand deposits are examples of modern forms of money that are commonly used for transactions and are recognized as valuable assets.
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Which of the following is not a modernform of money?a)Paper notesb)Demand depositsc)Silver coinsd)None of the aboveCorrect answer is option 'C'. Can you explain this answer?
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