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. Unit of account

B. Standard of deferred payments

C. Store of value

D. Medium of exchange

Answer: Option D

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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Question #1

In the context of the Indian economy, the 'Demographic Dividend' refers to:

A. Economic growth potential from a large working-age population

B. Increase in the proportion of dependent population

C. Decline in the total population

D. Increase in the old-age population only

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Correct Answer: Option A

Explanation:
Demographic dividend arises when a large share of the population is of working age, providing an opportunity for higher economic growth if this workforce is productively employed.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'NACH' system is used for:

A. foreign exchange trading

B. cryptocurrency

C. stock trading

D. bulk payments such as subsidies and salary credits

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Correct Answer: Option D

Explanation:
NACH is used for bulk electronic payments.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Atal New India Challenge' is an initiative of:

A. SEBI

B. Ministry of Finance

C. Ministry of Defence

D. Atal Innovation Mission, NITI Aayog

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Correct Answer: Option D

Explanation:
Atal New India Challenge is an initiative of Atal Innovation Mission under NITI Aayog.

This question belongs to: Economy GK Economy Set 1

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