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Q.

Mention if the given statement is true or false:

Money acts as a medium of exchange in transactions.

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a

True

b

False

answer is A.

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Detailed Solution

Money is used as a medium of exchange everywhere. It helps in the smooth conduct of trade. Money has also made it easy to conduct transactions according to one's choices. When the barter system was in place, the double coincidence of wants was an essential trade feature. For example, if A wants to sell tea and buy coffee, a person must be willing to purchase tea and sell coffee in exchange. However, this is no longer needed with the introduction of money as a medium of exchange. Money is exchanged to purchase the goods and services one wishes.

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