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Which function of money is described in the following statement? It serves as a medium...

Commerce
JAMB 2019

Which function of money is described in the following statement?
It serves as a medium through which business transactions are carried out

  • A. Standard for deferred payments s
  • B. Medium of exchange
  • C. Store of value
  • D. Unit of account
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Correct Answer: Option A
Explanation

Since money can be stored, it can accumulated to pay debts and can serve as a medium by which business transactions on credit can be settled.

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