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Q.

Two forms of ____ are paper notes and coins.

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Detailed Solution

Two forms of currency are paper notes and coins.
In the past, the barter system of exchange was prevalent. Then coins were introduced, and they were made of precious metals like gold, silver, or copper. Modern forms of money include two types of currency - coins and paper notes. However, coins are not made of any precious metal. Paper notes and coins are accepted as a medium of exchange because they are authorised as currency by the government of a country. For example, in India, the law legalises the rupee as a medium of exchange. No one can refuse payment made in rupees. Hence, the rupee is used to settle transactions in India.

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