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Suggest the economic terms for the given statements.1. A financial institution that accepts deposits of money from the public.2. Exchange of goods for goods without the use of money.3. Coins whose face value is higher than their intrinsic value. 4.Coins whose face value is equal to their intrinsic value.5. Money that is backed by law and cannot be refused in transactions by anybody. |
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Answer» 1. Bank 2. Barter system 3. Token coins 4. Standard or Full-bodied coins 5. Legal tender money |
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