Question

A monetary system where the value of monetary units is set by the specified quantity of an item is ______. fiat money representative money commodity money gold standard

Answer 1

The answer is Gold Standard Money. Gold Standard Monet refers to the value of a nation's paper money has a direct link to gold. Paper money of a country can be converted into gold in any case, if the government is willing to convert it into gold.

Answer 2

A monetary system where the value of monetary units is set by the specified quantity of an item is representative money.

Step-by-step explanation:

Representative money is a type of money that, unlike merchandise money, is based on another asset, such as money backed by gold, silver, oil or another currency, which has the quality of being convertible to the asset at which represents, which can be a kind of metallic money. It differs from fiat money in that the latter is not convertible.