Why does the introduction of money solve the problem shown in the barter example with sheep and wheat?

Money solves the problem by providing a common medium of exchange, simplifying transactions and eliminating the need for a double coincidence of wants.

Money complicates transactions by requiring multiple exchanges.

Bartering with money increases the need for direct trades.

Money creates a situation where goods cannot be easily valued.

According to the example of the heart surgeon and refrigerator salesman, what is one key reason money is better for the economy than barter?

Money allows people to trade for what they want, even if the other person doesn't want what they have

Barter is more efficient than money

Barter allows more transactions

What is the main advantage of selling the cow meat for money instead of trying to consume it all at once?

It allows you to save value for future use.

It increases the amount of meat you have.

It decreases the value of the cow.

Which of the following statements about the functions of money is correct?

Medium of exchange means money is used to trade for goods and services.

Money as a store of value means it can be used for immediate consumption.

Unit of account means money must be exchanged for goods.

Store of value means money cannot lose value over time.

Which of the following is NOT a function enabled by money according to the lesson?

Easier comparisons between goods/services

According to the lesson, what is considered true wealth at the individual and country level?

Skills, talents, and relationships

4.1 - Money/Currency Lesson

62 questions

Show all answers

1.

SLIDE QUESTION

30 sec • Ungraded

2.

SLIDE QUESTION

30 sec • Ungraded

3.

SLIDE QUESTION

30 sec • Ungraded

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What did people do to transact before there was money?

People wrote contracts to formalize transactions.

People relied on credit systems to exchange value.

People used coins made of metal for trade.

People transacted through barter, exchanging goods and services directly.

5.

SLIDE QUESTION

30 sec • Ungraded

6.

SLIDE QUESTION

30 sec • Ungraded

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the 'double coincidence of wants' problem in the barter system?

Both parties must want what the other has to offer at the same time

Money is used as a medium of exchange

Goods are exchanged for services

Trade only happens between friends

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