WAEC Economics 2001 Question 31

Question 31

Money and Inflation

One of the functions of money is

  1. A.double coincidence of wants.
  2. B.unit of account
  3. C.indivisibility
  4. D.making payments through banks only.
Show the answer and explanation

Answer: B (unit of account)

Explanation

Money serves as a unit of account (measure of value) for pricing goods.