Read the following statements and mark the correct answer.
Assertion: In existing economic system, money only satisfies the self actualisation need of a person.
Reasoning: As money has the purchasing power it becomes a very important incentive for every individual.
Answer & explanation
Correct answer: option 4
The correct answer is option 4- Assertion (A) is not true but Reasoning (R) is correct.
Assertion: In existing economic system, money only satisfies the self actualisation need of a person. THIS IS FALSE. In the context of existing economic system, money has become a means to satisfy the physical needs of daily life and also of obtaining social position and power.
Reasoning: As money has the purchasing power it becomes a very important incentive for every individual. THIS IS TRUE.
Thus, Assertion (A) is not true but Reasoning (R) is correct.