Neco 2023 Commerce Question 23

Practice objective / multiple choice question 23 from the 2023 Neco Commerce examination.

Neco 2023 Commerce Objective / Multiple Choice Easy Difficulty

Question 23 NECO • 2023 • COMMERCE • objective

State the three main functions of money in an economy and give one example for each function.

A. Unit of account (e.g., salary), Medium of exchange (e.g., buying gasoline), Means of taxation (e.g., property tax)

B. Medium of exchange (e.g., paying rent), Store of wealth (e.g., gold coins), Unit of measurement (e.g., length of a road)

Correct Answer C. Medium of exchange (e.g., buying rice), Unit of account (e.g., price of a TV), Store of value (e.g., bank savings)

D. Store of value (e.g., real estate), Medium of exchange (e.g., selling a car), Unit of time (e.g., hourly wage)

Correct Answer

Correct Option:

Medium of exchange (e.g., buying rice), Unit of account (e.g., price of a TV), Store of value (e.g., bank savings)

This is Neco 2023 Commerce Question 23. It is one of the objective questions from the 2023 Neco Commerce examination.

Difficulty level: Easy .

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