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Question
Fill in the blank with appropriate alternatives given below
In the initial stage of development, __________ was used.
Options
credit money
paper notes
metallic coins
commodity money
Solution
In the initial stage of development, commodity money was used.
Explanation:
Initially, human beings exchanged goods and services for other goods and services. In other words, commodity exchange or commodity money was more prevalent. Commodities like sea-shells, salt, gold or other precious commodities were used as money for the exchange of goods and services.
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