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Assertion (A): Money serves as a medium of exchange, unit of account, and store of value.
Reason (R): Credit facilitates borrowing and lending, contributing to economic activities.
  • a)
    If both Assertion and Reason are true and Reason is the correct explanation of Assertion
  • b)
    If both Assertion and Reason are true but Reason is not the correct explanation of Assertion
  • c)
    If Assertion is true but Reason is false
  • d)
    If both Assertion and Reason are false
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Assertion (A): Money serves as a medium of exchange, unit of account, ...
Assertion and Reason Justification:
Assertion (A) and Reason (R) are both true. Money serves as a medium of exchange, unit of account, and store of value. Credit, on the other hand, facilitates borrowing and lending, contributing to economic activities.

Explanation:

Money:
- Money acts as a medium of exchange by facilitating transactions between buyers and sellers.
- It serves as a unit of account by providing a standard measure of value for goods and services.
- Money also acts as a store of value, allowing individuals to save their wealth for future use.

Credit:
- Credit allows individuals and businesses to borrow funds for various purposes, such as investment or consumption.
- By enabling borrowing and lending, credit helps stimulate economic activities by providing access to capital that may not be immediately available.
- This, in turn, contributes to economic growth and development.
Therefore, while money fulfills essential functions in the economy, credit plays a crucial role in facilitating financial transactions and promoting economic activities. Hence, Reason (R) is the correct explanation of Assertion (A).
Free Test
Community Answer
Assertion (A): Money serves as a medium of exchange, unit of account, ...
  • The Assertion that money serves as a medium of exchange, unit of account, and store of value is true. Money indeed plays these crucial roles in an economy.
  • The Reason that credit facilitates borrowing and lending, contributing to economic activities is also true. Credit enables individuals and businesses to access funds for various purposes.
  • Moreover, the Reason is the correct explanation of the Assertion. Money, by serving as a medium of exchange, is complemented by credit, which allows for borrowing and lending, thus contributing to economic activities.
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Assertion (A): Money serves as a medium of exchange, unit of account, and store of value.Reason (R): Credit facilitates borrowing and lending, contributing to economic activities.a)If both Assertion and Reason are true and Reason is the correct explanation of Assertionb)If both Assertion and Reason are true but Reason is not the correct explanation of Assertionc)If Assertion is true but Reason is falsed)If both Assertion and Reason are falseCorrect answer is option 'A'. Can you explain this answer?
Question Description
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