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Doctors Medicines MCQs Q&A

  1. 1, 2 and 4
  2. 2 and 3 only
  3. 1, 2 and 3
  4. 1, 3 and 4
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1 Answers

Option 3 : 1, 2 and 3

The correct answer is Option 3.

  • Money can be defined as anything that is generally accepted by the people of a society or territory for the payment of goods and services bought or for the payment of debts.
  • Money performs a great deal of functions. Some of the most common functions of money include the following:
    • Money is a medium of exchange.
    • Money is a measuring tool. 
    • A standard for deferred payment.
    • Money makes it possible for us to save now for future use. 
  • In order for something to qualify as money, then it should have the following qualities or features:
    • Divisibility: Money must be able to be easily divided into smaller units or denominations in order for one to be able to use to carry out even the smallest of transactions. 
    • Portability: By being portable, money must be able to be easily carried by a person from one place to another.
    • Acceptability: Money must be something that is generally accepted by all the people of a particular area, region, country or territory.
    • Scarcity: Money should not be too scarce but limited in supply.
    • Stability: Anything being used as money should have its value being able to enjoy a reasonable stability over long periods of time else people are going to reject it.
    • Difficult to imitate: Any material that is used as money should be very difficult to imitate.
    • Standardized unit: Money should have a standardized unit:This means that the various units of money must be homogeneous.
    • Hence Option 3 is correct.
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Related Questions

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