JAMB Economics 2018 Objective — Question 39

Question 39 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2018 Objective paper, with the correct answer and a full explanation.

A principal factor that determines the value of money is the

A. Price at which goods are soldCorrect
B. Face value
C. Purchasing power
D. All of the above

Explanation

The price at which goods are sold is the major determinant of the value of money, since price determines the quantity/basket of goods that can be purchased.

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