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Q.

Choose whether the given statement is true or false.


Transactions are made in money because it acts as the medium of exchange.


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a

True

b

False 

answer is A.

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Detailed Solution

The above statement is true.
Money is a preferable way to settle transactions because it is the medium of exchange and makes goods trade easy. It is involved in all types of transactions. Money is used to buy and sell any good or service and is widely accepted. We no longer have to face the problem of the double coincidence of wants. A farmer can sell his produce in exchange for money and buy any good with the same money.
 
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