| Directions : Read the following statements : Assertion (A) and Reason (R). Choose one of the correct alternative. |
| Assertion (A): Anything will be called money, if the law of country proclaims it to be money. It will be commonly accepted measure of value as it will be endowed with legal tender power (limited and unlimited). Thus money is what the law says it is'. |
| Reason (R): Limited Legal tender money can be accepted upto a certain maximum limit. For example, in India, coins up to Rs. 1000 only (as per Coinage Bill, August 2011) can be accepted legally in payment. All currency notes have unlimited legal tender. |
A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
B) Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A).
C) Assertion (A) is true but Reason (R) is false.
D) Assertion (A) is false but Reason (R) is true.
Correct Answer: A
Solution :
[a] Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
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