It is possible to derive the value of GDP of a country. Which function of money is applicable here?

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SSC CHSL Exam 2023 Tier-I Official Paper (Held On: 04 Aug, 2023 Shift 4)
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  1. Store of value
  2. Unit of account
  3. Standard of deferred payments
  4. Medium of exchange

Answer (Detailed Solution Below)

Option 2 : Unit of account
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The correct answer is Unit of Account.

Key Points

  • Unit of account:-
    • The function of money that is applicable here is the unit of account, as it is used to measure and express the value of goods and services in a country's economy.
    • GDP (Gross Domestic Product) is a measure of the total value of all goods and services produced within a country's borders in a specific period of time, usually a year.
    • The use of a common unit of account, such as a country's currency, allows for the calculation and comparison of GDP across different sectors and regions of the economy.

Additional Information

  • Store of value:-
    • It refers to the ability of money to hold its value over time, allowing individuals to save and accumulate wealth.
  • Standard of deferred payments:-
    • It refers to the use of money as a means of settling debts and obligations in the future.
  • Medium of exchange:-
    • It refers to the use of money as a widely accepted and easily transferable means of payment for goods and services.
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