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WAEC Economics 2002 Question 30

Question 30

Money and Inflation

Cheques are not money because

  1. A.their use is confined to business hours.
  2. B.there are few banks in the rural areas.
  3. C.they are not generally acceptable as a medium of exchange.
  4. D.they are not issued by governments.
Show the answer and explanation

Answer: C (they are not generally acceptable as a medium of exchange.)

Explanation

A cheque is only an order to a bank to pay; people can refuse it, so it is not generally acceptable.