GCE Economics 2023 Objective — Question 36
Question 36 of 50 from the General Certificate of Education (GCE) Economics 2023 Objective paper, with the correct answer and a full explanation.
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Money is able to function more as a medium of exchange when A. more people engage in subsistence production B. there is a fall in production C. there is specialization of labour D. individuals and nations are self-sufficient
- A. more people engage in subsistence production
- B. there is a fall in production
- C. there is specialization of labourCorrect
- D. individuals and nations are self-sufficient
Explanation
Money enhances and is enhanced by specialisation and division of labour in production, since specialised producers need a medium of exchange to trade their surplus output.
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