Choose if the given statement is True/False.

Money acts as a middleman in the transaction of various goods and services.

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True

False

answer is A.

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Detailed Solution

The given statement is True.
Money is referred to as a medium of exchange since it serves as a middleman in the transaction of various goods and services. It is money that people utilize to obtain the commodity of their choice. Money, as a medium, serves as a vital and crucial intermediary step, removing the need for the second coincidence of desire. With the introduction of money, a rice producer, for example, no longer needs to look for someone with the appropriate excess and need for trade. As a result, money is a legal finder, which means that no one can legally refuse to accept it in trade. Coins notes, and sometimes even e-transactions are now legal tender.

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