Question
Download Solution PDFIt is possible to derive the value of GDP of a country. Which function of money is applicable here?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe 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.
Last updated on Jul 22, 2025
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