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Q.

Choose the given statement is True/False:


Money is a medium of exchange.


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a

True

b

False 

answer is A.

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Detailed Solution

The given statement is true.
Money is called a medium of exchange, as it eliminates the need for double coincidence of wants, which is the main drawback of the barter system. Any commodity can be bought with money; this feature of money makes it a medium of exchange. For example, a fruit seller wants to sell his 10 kg fruits and buy some seeds, so he would sell his fruits in exchange for money, and from that money, he can buy seeds. The money system is the easiest and most convenient system of exchange.
 
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