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UI Post-UTME Economics 2023 (Model questions) Question 23

Question 23

Money and Inflation

For an individual to settle his payment at a later date implies that ________

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

Answer: D (money has performed its function of standard by deferred payment)

Explanation

Money used to settle debts in the future is acting as a standard of deferred payment.