Money and Banking-Money and Functions (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Economics): Questions 1 - 7 of 7

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Question number: 1

» Money and Banking » Money and Functions

Short Answer Question▾

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How does money solve the problem of double coincidence of wants?

Question number: 2

» Money and Banking » Money and Functions

One Liner Question▾

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How does money solve the problem of double coincidence of wants?

Question number: 3

» Money and Banking » Money and Functions

Short Answer Question▾

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Describe the following functions of money: -

(a) Medium of exchange

(b) Standard of deferred payment

Question number: 4

» Money and Banking » Money and Functions

Essay Question▾

Describe in Detail

Give meaning of money. Explain its ‘medium of exchange’ function

Explanation

Meaning of money supply: - money supply is the total stock of money moving in an economy. The moving money involves the currency, printed notes, money in the deposit accounts and in the form of other liquid assets.

Medium of exchange: -

A medium of exchange is used in trade

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Question number: 5

» Money and Banking » Money and Functions

Essay Question▾

Describe in Detail

Explain the ’medium of exchange’ function of money.

Explanation

Money is a particular type of asset in an economy that people use to buy goods and services from other people or businesses. A medium of exchange is something that buyers will exchange with a seller when they want to purchase goods or services from the seller. While many things

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Question number: 6

» Money and Banking » Money and Functions

Essay Question▾

Describe in Detail

Give meaning of money. Explain the ‘store of value’ function of money.

Explanation

Money: - Money means medium of exchange and we all agree to accept in making transactions. For example merchants agree to accept money in exchange for their goods. Money provides simple device for identifying and communicating value.

Function of money is ‘store of value’: - Store a value is main

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Question number: 7

» Money and Banking » Money and Functions

Essay Question▾

Describe in Detail

What is ‘barter system’? Explain ‘standard of deferred payment’ function of money.

Explanation

Barter: - Barter means Exchange of goods for other goods and services. It is exchange without the use of money as a currency. For example photographer agreeing to photograph a dentist’s wedding pictures in return for some dental work of equal value.

The standard of deferred payment is one type

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