Trade and Barter

Quiz
•
Social Studies
•
12th Grade
•
Medium
Nick Colin
Used 6+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ethan, Lily, and Charlotte are discussing the difference between trade and barter. Ethan says it's about exchanging services and goods, but Lily and Charlotte are not sure. Can you help them understand the difference between trade and barter?
Ethan is right, trade involves exchanging services, while barter involves exchanging goods
Ethan is wrong, trade involves exchanging goods, while barter involves exchanging services
Ethan is partially right, trade involves exchanging goods and services using barter, while barter involves using money
Ethan is wrong, trade involves the exchange of goods and services using money, while barter involves the direct exchange of goods and services without using money.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Government redistributing income for example welfare programs and social security are examples of
Comparative advantage in trade is when a country can only produce goods that are in high demand in the global market.
Exchanging the opportunity cost for the comparitive advantage
Transfer payments from the government
Subsidy payments from the government
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the Circular Flow Model, who is primarily responsible for the provision of public goods and services through the use of taxes?
Individuals and businesses
Resource market
Product market
Government
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of government's role in income redistribution?
Government providing subsidies to farmers
Government imposing tariffs on imported goods
Government enforcing strict business regulations
Government implementing welfare programs
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sanger High School, the local police department, and the Sanger Library would be considered
In the private sector of the Circular Flow Model
In the public sector of the Circular Flow Model
Factor payments made by interdependent businesses
Subsidies allocated from scare resources
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the advantages and disadvantages of barter system?
Advantages include stability and abundance of currency, while disadvantages include lack of flexibility and difficulty in determining value.
Advantages include no need for currency and ease of finding trading partners, while disadvantages include lack of stability and difficulty in determining value.
Advantages include flexibility and no need for currency, while disadvantages include the lack of a standard measure of value and the difficulty of finding a suitable trading partner.
Advantages include ease of finding trading partners and standard measure of value, while disadvantages include lack of flexibility and abundance of currency.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Discuss the role of currency (money) in modern trade.
Currency is only used in local trade, not international trade.
Modern trade does not rely on currency for transactions.
Currency facilitates the exchange of goods and services in international trade.
Currency has no impact on the exchange of goods and services.
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