ECS3701 EXAM PACK Questions. Answers • ECS3701 EXAM PACK Questions. Answers
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ECS3701 
EXAM PACK 
Questions. Answers 
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ECS301 [New ECS3701] 
SELECTED EXAMINATION QUESTIONS AND SUGGESTEDSOLUTIONS 
MAY/JUNE 2011 
Part 1: Definition and functions of money (15 Marks) 
Answer all questions in part 1. 
1.1 List and explain the three primary functions of money. (2) 
Medium of Exchange: money serves as a medium of exchange allowingit 
to be used as payment for goods and services. As such it promotes 
economic efficiency by reducing the time taken for transactions t...