
Vitt-Quiz Level 1
Authored by Vittiksha 2021
Business, Other
6th Grade

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8 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What principle does the barter system work on?
Triple coincidence of needs
Double coincidence of wants
exchange of commodities without consent
double coincidence of commodities
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
When did the first coins emerge?
7 BC
15 BC
60 BC
6 BC
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Identify the need from the following
Designer Clothes
Playstation
Flour
Food from a Restaurant
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What happens in the absence of a bill?
Seller will be jailed
Caveat Emptor: Buyer Beware
Buyer loses the right to seek legal help in case of faulty goods sold to them
Seller loses the right to seek legal aid against buyer
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is domestic trade?
Trade happening within a county
Trade happening within a country
Trade happening within a state or province
Universal Trade
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is external trade?
Buying of goods from other countries
Selling goods to another country
Buying and selling of goods between countries
trade between two entities
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
When does the opportunity for trade exist?
When a country produces an item at a higher cost than another
When a country produces an item at the same cost
When a country is in war
When a country produces an item at a lower cost than another
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