NECO Commerce 2023 Objective — Question 7

Question 7 of 50 from the National Examinations Council (NECO) Commerce 2023 Objective paper, with the correct answer and a full explanation.

One importance of money is that it (a) serves as a store of value only (b) provides a common measure of value (c) eliminates the need for trade (d) increases the value of goods

A. serves as a store of value only
B. provides a common measure of valueCorrect
C. eliminates the need for trade
D. increases the value of goods

Explanation

Without money there is no common way to measure the value of goods and services, making it difficult to determine the relative value of items being exchanged.

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