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Question

________ is an asset which serves as a unit of value, medium of exchange, standard of deferred payment and store of value.
Money
Rupee
Monetary unit
Currency

A

Monetary unit

B

Money

C

Currency

D

Rupee

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Solution

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Money refers to an asset in the economy that acts as a common medium of exchange issued under the law of government and acts as a legal tender for the whole country. The money possess that following characteristics

1. Common medium of exchange

2. Store of value

3. Common measure unit

4. Serve as the standard of deferred payments

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