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Which one of the following constitutesmoney in modern day economy?
[2011 (T-2)]
- a)Gold
- b)Silver
- c)Interest
- d)Demand Deposits
Correct answer is option 'D'. Can you explain this answer?
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Which one of the following constitutesmoney in modern day economy?[201...
Money in Modern Day Economy:
- Gold: Gold is not considered as money in the modern day economy. While it has been historically used as a medium of exchange, it is not widely accepted as a form of payment in day-to-day transactions.
- Silver: Similar to gold, silver is not considered as money in the modern day economy. It is primarily used for industrial purposes and as a store of value, rather than as a medium of exchange.
- Interest: Interest is not money itself, but rather a cost or a return on borrowed or invested money. It represents the compensation for the use of money and does not serve as a direct medium of exchange.
- Demand Deposits: Demand deposits, also known as checking accounts, are considered as money in the modern day economy. They are accounts held by individuals or businesses at financial institutions that can be used to make payments or withdrawals. These deposits can be accessed through checks, debit cards, or electronic transfers, making them a widely accepted form of money.
Therefore, the correct answer is option D: Demand Deposits.
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Which one of the following constitutesmoney in modern day economy?[2011 (T-2)]a)Goldb)Silverc)Interestd)Demand DepositsCorrect answer is option 'D'. Can you explain this answer?
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