WAEC Economics 2023 Objective — Question 36
Question 36 of 50 from the West African Examinations Council (WAEC) 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
Through specialisation, people will need money to exchange for goods to ensure production flow, thus money functions more as a medium of exchange.
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