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Indian rupee is legal tender.
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______ are termed as Legal Tender Money.
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Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below:
Assertion (A): Bank money is legal tender money.
Reason (R): Cheques drawn on demand deposits can be refused by anyone as a mode of payment. Hence, demand deposits (i.e. bank money) are not legal tenders they are optional.
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Read the-following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below:
Assertion (A): Currency and bank money are the two modern forms of money.
Reason (R): Currency is high powered money.
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Match the following:
| Column I | Column II | ||
| A. | Currency | (i) | Something which is commonly used as medium of exchange |
| B. | Bank money | (ii) | Currency and demand deposits |
| C. | Money | (iii) | Bank demand deposits |
| D. | Modern form of money | (iv) | Paper notes + coins |
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Why is money referred to as legal tender?
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Distinguish between fiat money and bank money.
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Explain four circumstances under which the law of demand does not operate.
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Construction of dams always have positive effects.
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Interest is a factor income for ______.
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Briefly explain the impact of constructing dams on the ecosystem.
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State and explain the law of supply with exceptions.
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'Price is an indicator of quality'. The statement applies to ______.
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In which exception to the law of demand does the consumer equate price and quality.
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State two dissimilarities between Monopolistic competition and Perfect competition.
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“The inverse relationship between price and quantity demanded does not hold good in many cases.”
- Justify the above as Yes or No.
- If justified, explain in brief the Giffen Effect.
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Mention one exception to the law of demand. Give one point only.
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What is contraction in demand?
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