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Which of the following functions of money is mostly affected during inflation?

Economics
WAEC 2014

Which of the following functions of money is mostly affected during inflation?

  • A. Medium of exchange
  • B. Unit of Account
  • C. Store of value
  • D. Standard of deferred payment
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Correct Answer: Option C
Explanation

Inflation erodes the value of money; it does not keep its value. Something that costs a certain amount today will cost more tomorrow. This affects everything from the timing of transactions to the amount required for future payments (interest rates).

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