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WAEC Economics 2023 Question 36

Question 36

Money and Inflation

Money is able to function more as a medium of exchange when

  1. A.more people engage in subsistence production.
  2. B.there is a fall in production.
  3. C.there is specialization of labour.
  4. D.individuals and nations are self-sufficient.
Show the answer and explanation

Answer: C (there is specialization of labour.)

Explanation

Specialised workers must exchange their output for what they need, using money.