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Questions and Answers
What is the purpose of money as described in the text?
What is the purpose of money as described in the text?
- A unit of borrowing and lending
- A store of perishable goods
- A medium of exchange (correct)
- A method of bartering
What was a major issue with the bartering system as mentioned in the text?
What was a major issue with the bartering system as mentioned in the text?
- Difficulty in finding products to exchange
- Inability to determine the value of goods (correct)
- Lack of interest in bartering
- Products losing value over time
Which characteristic of money allows it to hold value over time?
Which characteristic of money allows it to hold value over time?
- Portability
- Durability (correct)
- Divisibility
- Acceptability
What is the role of money in enabling borrowing and repayment?
What is the role of money in enabling borrowing and repayment?
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What is a key feature of money for it to function as a medium of exchange?
What is a key feature of money for it to function as a medium of exchange?
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