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JAMB Commerce 2003 Question 48

Question 48

Money

Money can simply be referred to as a

  1. A.medium of exchange
  2. B.means for the settlement of debts
  3. C.durable asset for doing business
  4. D.standard of value
Show the answer and explanation

Answer: A (medium of exchange)

Explanation

The basic definition of money is anything generally accepted as a medium of exchange.