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A legal tender is any

Economics
WAEC 1989

A legal tender is any

  • A. form of money
  • B. means of exchange authorized by the state
  • C. commodity generally acceptable as a meduim of exchange
  • D. total productivity of labour
  • E. amount of goods and services that the wage can fetch
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Correct Answer: Option B
Explanation

A legal tender is a form of money or means of exchange that is recognized by courts of law as satisfactory payment for any monetary debt.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts