What is the primary concept of the Barter System?

Barter System and Its Drawbacks

Interactive Video
•
Business, Social Studies
•
6th - 10th Grade
•
Hard

Aiden Montgomery
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Exchange of services for money
Exchange of goods for services
Exchange of money for goods
Exchange of one commodity for another
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why was the Barter System limited in its use?
It was too modern
It was too simple
It was very difficult
It was too expensive
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main problem associated with the Double Coincidence of Wants?
Finding a common unit of value
Transferring value over long distances
Matching the wants and availability of two people
Storing wealth in terms of commodities
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the Barter System, what must occur simultaneously for an exchange to happen?
Sale and purchase
Production and consumption
Loan and repayment
Storage and transfer
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is missing in the Barter System that makes it hard to measure the value of commodities?
A future payment standard
A transfer mechanism
A storage facility
A common unit of value
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does money solve the problem of valuing goods and services?
By being universally accepted
By being bulky
By being difficult to transfer
By being perishable
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it difficult to repay loans in the Barter System?
Because of the lack of a standard for future payments
Because of the lack of a common unit of value
Because of the perishable nature of commodities
Because of the difficulty in transferring value
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