Barter
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12th Grade
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a barter system in economics?
An exchange system using standardized currency.
A system where goods and services are directly exchanged without money.
A digital payment system for online transactions.
A complex economic theory.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a barter system, what is the "double coincidence of wants"?
A requirement to have two forms of currency.
The need for two parties to have matching desires for each other's goods or services.
A requirement for two intermediaries in a trade.
The need for two separate transactions to complete a trade.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a limitation of barter systems?
Lack of divisibility of goods
Uniformity in the value of exchanged goods.
Efficient allocation of resources.
Reduced complexity in trading.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the concept of demand in economics?
The desire to purchase goods and services.
The availability of a product in the market.
The cost of a product or service.
The production of goods and services.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a major disadvantage of a barter system?
It allows for easy calculation of exchange rates.
It requires a coincidence of wants.
It simplifies transactions.
It promotes economic growth.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is barter system considered inefficient?
Because it requires double coincidence of wants.
Because it promotes economic growth.
Because it simplifies transactions.
Because it allows for easy calculation of exchange rates.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of money in a modern economy compared to a barter system?
Money serves as a medium of exchange, a unit of account, and a store of value.
Money is used to accumulate wealth, while barter is used for immediate needs.
Money is used for international trade, while barter is used for local trade.
Money has no role in a modern economy, it is only used in a barter system.
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