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WAEC Economics 2004 Question 27

Question 27

Money and Inflation

The value of money is best determined by

  1. A.input-output ratio
  2. B.the purchasing power
  3. C.the importance people attach to it
  4. D.economies of scale
Show the answer and explanation

Answer: B (the purchasing power)

Explanation

The value of money is the quantity of goods and services it can buy.