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UI Post-UTME Economics 2024 (Model questions) Question 1

Question 1

Money and Inflation

Currency notes and coins are called as:

  1. A.flat money
  2. B.legal tenders
  3. C.Fiat money
  4. D.None of the above
Show the answer and explanation

Answer: B (legal tenders)

Explanation

Notes and coins are legal tender: the law says they must be accepted in payment of debts.