Which function of money refers to the use of money to solve the problem of a need for a double coincidence of wants?
A) store of value
B) unit of account
C) medium of exchange
D) none of the above

Question

Quizplus · Accepted Answer

The medium of exchange function refers to the use of money as a mediator of exchange for goods and services. This function eliminates the need for a double coincidence of wants, where two parties need to have what the other wants to trade, which can be highly inefficient. Money acts as a common medium of exchange, allowing for more efficient trade and economic activity.

Which Function of Money Refers to the Use of Money