Choose the given statement is True/False

Gold is used as a medium of exchange.

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True

False

answer is A.

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Detailed Solution

The given statement is false.
By serving as a means of trade, money eliminates the issue of two wants occurring simultaneously. When two parties agree to purchase and sell one other's goods, it is said to be a case of "double coincidence of wants," meaning that the other party wants to buy precisely what the seller wants to sell. Money eliminates this tiresome and complicated predicament by serving as a universally usable means of transaction. For instance, if a vendor of ice cream wants a bicycle but the maker of the bicycle wants clothing rather than ice cream, the vendor can use the money to buy the bicycle. Because money serves as the primary means of commerce, he must respect the requirements of the bicycle man.
The correct statement is that money is based on a single coincidence of wants.

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