Which of the following is a function of money? It is

Assessment: WAEC SSCE - Economics - 1991 (Objective) Subject: Economics

Question 1 Report

Which of the following is a function of money? It is
Answer Details
The function of money is to serve as a medium of exchange, a unit of account, and a store of value. Among the options given, the function of money that is described is "a standard of deferred payment". This means that money can be used to make payments that will be settled at a future date. For example, if you take out a loan from a bank, you are using money as a standard of deferred payment, as you will be paying back the loan with money in the future.
Read lesson note on Methods And Tools Of Economic Analysis (JAMB)
Read lesson note on International Economic Organizations (JAMB)
Read lesson note on Economics As A Science (JAMB)
Read lesson note on Money And Inflation (JAMB)
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