ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Instead of using precious metals for money, paper notes and coins are used. Hence, the correct answer is (D) Gold.

Detailed explanation-2: -The modern forms of money include all forms of currency, such as notes, coins, and demand deposits. Shells, however, were used as intermediatory goods in ancient times. They are no longer in conventional use.

Detailed explanation-3: -The answer is(d) precious metals.

Detailed explanation-4: -The modern forms of money are Metallic Money, Paper Money, and Credit Money.

Detailed explanation-5: -Modern currency is not made of precious metal such as gold, silver and copper. And unlike grain and cattle, they are neither of every day use. The modern currency is without any use of its own. Still, it is accepted as a medium of exchange because the currency is authorised by the government of the country.