Which of the following statements is correct about the value of money?
i. It is directly related to the price level.
ii. It is not related to the price level.
iii. It is indirectly related to the price level.

Correct option is C

The correct statement about the value of money in relation to the price level is that it is indirectly related to the price level. This means that when the price level increases (indicating inflation), the value of money decreases, allowing you to purchase less with the same amount of money. Conversely, if the price level decreases, the value of money increases, allowing you to purchase more. Therefore, the correct answer is: (c) Only iii is correct.