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Classify each example as commodity money or fiat money.

Classify each example as commodity money or fiat money.- salt
- copper
- cattle
- Mexican pesos
- Bitcoin

Answer:Commodity money- salt- copper- cattleFiat money- Bitcoin- Mexican pesosExplanation:Fiat money, unlike commodity money, has no other use except as a medium of exchange. Bitcoins and Mexican pesos are only valuable because people will accept them as currency. Since fiat money is easier to reproduce in large quantities than precious metals or animals, it is more prone to both counterfeiting and overproduction.Commodity money is a good used as money that also has intrinsic value independent of its use as money. A famous example is the use of cigarettes as money in prisoner‑of‑war camps. Copper can be used in industrial applications as well as for money. Cattle and salt historically have been valuable items in and of themselves....

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