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WAEC Economics 2016 Question 35

Question 35

Money and Inflation

A bank note is said to be a legal tender because it is

  1. A.printed by government.
  2. B.a store of value.
  3. C.signed by the head of state.
  4. D.backed by law.
Show the answer and explanation

Answer: D (backed by law.)

Explanation

Legal tender is money that the law says must be accepted in payment.