Barter, Money and Instruments of Exchange Intro Quiz

Which of the following BEST describes "direct production"?

• Producing goods for export

• Producing to satisfy family with no surplus for trade

• Producing to satisfy family with surplus for trade

• Enterprises critical to the survival of the economy

The greatest economic problem that economies face is the problem of:

• Choice

• Greed

• Scarcity

• Barter versus Trade

John made Total sales revenue is $55,000 and his Total cost is $50,000. John has made ____

• A loss of $5,000

• A profit of $5,000

• A loss of $55,000

• A profit of $55,000

An intangible benefit is called a ____

• Good

• Service

• Commodity

• Market

Which of the following words could mean man-made resources?

• Labour

• Capital

• Organisation

• Market

All of the above are characteristics of money EXCEPT

• Medium of exchange

• Durable

• Fungible

• Legality

It can be accumulated and used to purchases a car in three years' time. It is.....

• Medium of exchange

• Store of Value

• Means of deferred payment

• Price mechanism or unit of account

My stereo system can be bought on hire purchase. It is.....

• Medium of exchange

• Store of Value

• Means of deferred payment

• Price mechanism or unit of account

Money is used to pay for goods bought on credit.

• Medium of exchange

• Store of Value

• Means of deferred payment

• Price mechanism or unit of account

The exchange of goods and services without the use of money is called ______

• Trade

• Enterprise

• Barter

• Swapping