An instrument used in lieu of legal tender is known as?

• A.
  Token money
• B.
  commodity money
• C.
  fiat money
• D.
  representative

Correct Answer: Option B

Explanation

Money is a type of asset in an economy that is used to buy goods and services from other people. A commodity is a physical item that is interchangeable with another item of the same type or value.

This is the use of specific commodity as a form of money. Its value as a piece of metal is the same with its value as a piece of money.