Money is able to function more as a medium of exchange wh...
Money is able to function more as a medium of exchange when
There is a fall in production
More prople engage in subsistence production
Individuals and nations are self-sufficient
There is specialization of labour
Correct answer is D
Money is able to function more as a medium of exchange when there is specialization of labour. Specialization of labour, on the other hand, increases the need for money. This is because specialization means that people produce different goods and services, which they then trade with each other. Money is needed to facilitate these trades.
The short-run period in production is defined as a period when ...
In estimating the national income of a country, the three approaches usually adopted are the ...
Income is redistributed when the rich are progressively taxed and ...
Which of the following is not a concept in National Income Accounting? ...
One of the major factors militating against industrialization in Nigeria is the ...
A market situation with few sellers and many buyers is called ...
The ranking of a consumer’s need in order of importance is termed ...