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JAMB Commerce 2001 Question 31

Question 31

Money

The significance of money to modern economic systems is that it

  1. A.is used as a means of payment
  2. B.promotes specialization and exchange
  3. C.measures value and promotes exchange
  4. D.causes inflation and deflation in the economy.
Show the answer and explanation

Answer: C (measures value and promotes exchange)

Explanation

Money serves as a measure of value and a medium of exchange, making trade easy.