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JAMB Economics 2010 Question 30

Question 30

Money and Inflation

The function of money which makes division of labour possible is its

  1. A.unit of account
  2. B.store of value
  3. C.medium of exchange
  4. D.standard of deferred payment.
Show the answer and explanation

Answer: C (medium of exchange)

Explanation

Because money is accepted in exchange, people can specialise in one job and use their income to buy everything else.