Author: Study Clue

When money is used to compare the value of a bicycle and a phone, it is serving as A Unit

Money is called the “most liquid asset” mainly because it A Converts instantly to goods B Gives highest return C

If a shopkeeper accepts ₹500 without checking the buyer’s needs, this best shows money as A Unit of account B

Money is called a “medium of exchange” because it A Stores wealth always B Measures population size C Helps buy

In a barter system, the biggest difficulty in exchange is A No need of money B Fixed prices exist C

A country’s GDP will NOT change if residents buy more A Domestic vegetables B Local bus tickets C New local

A country’s GDP will increase if a firm produces more final goods inside the country, even when A All of

GDP counts the value of which type of goods to avoid double counting A Intermediate goods B Final goods only

When a foreign company produces goods inside India, its output is counted in India’s A GNP only B NNP only

GDP mainly measures the value of goods and services produced within a country during A A period B One day