ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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‘In Malaysia, Ringgit is used to measure the value of goods and services’. The statement above refers to ____
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Medium of exchange
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Measure of value
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Store of value
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Standard of deferred payment
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Explanation:
Detailed explanation-1: -The Malaysian Ringgit (also known as Malaysian dollar) is the official currency of the Malaysian Federation since June 1967. The Ringgit has the ISO 4217 MYR code and is represented by the RM symbol. The Malaysian Ringgit is divided into 100 sen.
Detailed explanation-2: -On 1 December 1992, the official symbol of the Malaysian currency was changed from M$ to RM. The abbreviation RM (or Ringgit Malaysia) would apply to both Bahasa Melayu and English versions.
Detailed explanation-3: -The measure of value is the function of money that enables the values of different goods and services to be compared, also referred to as a unit of value.
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