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
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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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