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Q.

Choose the given statement that is true/false.

Money is not a medium of exchange.

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a

True

b

False

answer is B.

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Detailed Solution

The above statement is false.
In an economy, money is a specific asset people use to purchase products and services from other people, businesses, companies, or markets. When consumers want to acquire products or services from a seller, they will exchange a medium of exchange with the seller. Money is the most prevalent and practical form of exchange in our culture, yet many other items may be used in an economy. There are various critical roles that money plays in our economy. It functions as a store of value, a unit of account, and a medium of exchange.
The correct statement is money is a medium of exchange.

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