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Question
The function of money which allows a person to pay for a commodity at a future date is called as ______.
Options
Unit of account
Measure of value
Standard of deferred payment
Medium of exchange
Solution
The function of money which allows a person to pay for a commodity at a future date is called as standard of deferred payment.
Explanation:
The "Standard of Deferred Payment" function of money allows expressing and settling future debts in monetary terms, acting as a standard for deferred payments in modern economies.
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