Question : What is the rationale behind why one is ready to hold a ten rupee coin?
Option 1: It is finely and artistically minted
Option 2: It can be melted to extract metal worth 10 out of it
Option 3: Its value is backed by the issuing authority
Option 4: Its intrinsic value is greater than 10
Correct Answer: Its value is backed by the issuing authority
Solution : The correct answer is Its value is backed by the issuing authority.
Coins issued by the government and central bank are considered legal tender, which means they must be accepted for transactions. Refusing to accept legal tender coins can be a violation of the law. The primary reason for holding a ten-rupee coin is its monetary value. Coins are legal tender, and people accept and use them for transactions. They have intrinsic value that can be spent or exchanged for goods and services.
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