economicsMoney is referred to as a medium of exchange .

Money is referred to as a medium of exchange .


  1. A
    True
  2. B
    False   

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    Solution:

    The above statement is true.
    Money is referred to as a medium of exchange since it serves as a middleman in the transaction of various goods and services. It is money that people utilise to obtain the commodity of their choice. Money, as a medium, serves as a vital intermediary step, removing the need for the second coincidence of desire. With the introduction of money, a rice producer, for example, no longer needs to look for someone with the appropriate excess and need for trade. As a result, money is a legal finder, meaning no one can legally refuse to accept it in trade. Coins notes, and sometimes even e-transactions, are now legal tender.
     
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