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Question

State with reasons whether you agree or disagree with the following statement.
Anything can function as money.

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Solution

Money refers to a common medium of exchange that is issued under the law of government and acts as a legal tender for the whole country. Therefore, any commodity cannot act as a money. Only the commodity which is issued under the law of government can act as a legal tender i.e. money or common medium of exchange in the whole economy.


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