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Question : It is possible to derive the value of the Gross Domestic Product (GDP) of a country. Which function of money is applicable here?

Option 1: Store of value

Option 2: Unit of account

Option 3: Standard of deferred payments

Option 4: Medium of exchange


Team Careers360 16th Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

Correct Answer: Unit of account


Solution : The correct answer is Unit of account .

A unit of account is one of the functions of money, and it is a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. Gross domestic product is equal to the market value of all the finished goods and services produced within a country's borders within a specific period.

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