Barter, Money and Instruments of Exchange Intro Quiz

Barter, Money and Instruments of Exchange Intro Quiz

6th Grade - University

20 Qs

quiz-placeholder

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Barter, Money and Instruments of Exchange Intro Quiz

Barter, Money and Instruments of Exchange Intro Quiz

Assessment

Quiz

Business, Other

6th Grade - University

Practice Problem

Hard

Created by

Kerwin Alexander

Used 234+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

0 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

0 sec • 1 pt

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

Choice

Greed

Scarcity

Barter versus Trade

3.

MULTIPLE CHOICE QUESTION

0 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

0 sec • 1 pt

An intangible benefit is called a ____

Good

Service

Commodity

Market

5.

MULTIPLE CHOICE QUESTION

0 sec • 1 pt

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

Labour

Capital

Organisation

Market

6.

MULTIPLE CHOICE QUESTION

0 sec • 1 pt

All of the above are characteristics of money EXCEPT

Medium of exchange

Durable

Fungible

Legality

7.

MULTIPLE CHOICE QUESTION

0 sec • 1 pt

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

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