Which of the following is a primary function of money? MCQ with Answer and Explanation

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Which of the following is a primary function of money?

A. Store of value

B. Medium of exchange

C. Standard of deferred payments

D. Unit of account

Answer: Option B

Solution (By JKSSB Mock Tests)

The primary function of money is to act as a medium of exchange.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'SAARC' grouping includes how many member countries?

A. 10

B. 12

C. 8

D. 6

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Correct Answer: Option C

Explanation:
SAARC has 8 member countries.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Balance of Payments' current account includes which of the following?

A. External commercial borrowing

B. Net income from abroad

C. Portfolio investment

D. Foreign direct investment

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Correct Answer: Option B

Explanation:
Net income from abroad is part of the current account.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'GST Council' does not deal with:

A. GST rates

B. GST returns

C. GST exemptions

D. income tax rates

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Correct Answer: Option D

Explanation:
Income tax rates are not within GST Council's purview.

This question belongs to: Economy GK Economy Set 1

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