TRUE or FALSE: Societies chose soft metals ( like gold and silver) for their money, which is an example of COMMODITY money: its value comes from the material of which it is made.
TRUE
FALSE
TRUE
TRUE
TRUE
In many societies, such as ancient civilizations, gold and silver were chosen as a form of money. This is an example of commodity money, where the value of the money is derived from the material it is made of (in this case, the soft metals). The reason for this choice is that gold and silver possess certain desirable properties, such as being rare, durable, and easily divisible.
To verify the accuracy of this statement, you can research historical examples of societies that used gold and silver as currencies. This can be done by studying the monetary systems of ancient civilizations, reading historical accounts, or consulting reputable sources on the subject. Additionally, you can explore the concept of commodity money in economics literature or textbooks to better understand how it functions.