Vitt-Quiz Level 1

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

When did the first coins emerge?

• 7 BC

• 15 BC

• 60 BC

• 6 BC

Identify the need from the following

• Designer Clothes

• Playstation

• Flour

• Food from a Restaurant

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

What is domestic trade?

• Trade happening within a county

• Trade happening within a country

• Trade happening within a state or province

• Universal Trade

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

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

Why is Tax important?

• It is a way of paying the government for running in elections

• it is a way of giving back to society through donations

• it is investing in your own personal good

• it is important as the government needs money to invest in the welfare of the society as a whole