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WorksheetsBarter, Money and Instruments of Exchange Intro Quiz
Total questions: 20
Worksheet time: 7mins
Which of the following BEST describes "direct production"?
Producing goods for export
Producing to satisfy family with no surplus for trade
Producing to satisfy family with surplus for trade
Enterprises critical to the survival of the economy
The greatest economic problem that economies face is the problem of:
Choice
Greed
Scarcity
Barter versus Trade
John made Total sales revenue is $55,000 and his Total cost is $50,000. John has made ____
A loss of $5,000
A profit of $5,000
A loss of $55,000
A profit of $55,000
An intangible benefit is called a ____
Good
Service
Commodity
Market
Which of the following words could mean man-made resources?
Labour
Capital
Organisation
Market
All of the above are characteristics of money EXCEPT
Medium of exchange
Durable
Fungible
Legality
It can be accumulated and used to purchases a car in three years' time. It is.....
Medium of exchange
Store of Value
Means of deferred payment
Price mechanism or unit of account
My stereo system can be bought on hire purchase. It is.....
Medium of exchange
Store of Value
Means of deferred payment
Price mechanism or unit of account
Money is used to pay for goods bought on credit.
Medium of exchange
Store of Value
Means of deferred payment
Price mechanism or unit of account
The exchange of goods and services without the use of money is called ______
Trade
Enterprise
Barter
Swapping
Which term best describes an economy?
The process of buying and selling between people
A place where economics take place
An organized system where resources are allocated for production, distribution and consumption
A system where people moved from place to place according to the conditions that suited them best
In this type of production there is surplus that can be traded:
Direct production
Indirect production
Import production
Simple production
Mikel grows cassava and fresh seasoning for his personal use:
Direct production
Indirect production
Import production
Simple production
Dimitri grows Corn and Pigeon Peas for his family use but also sells excess to the local supermarket
Direct production
Indirect production
Import production
Simple production
It should be simple to carry money around
Portable
Measure of Value
Durable
Medium of exchange
The inability to give change for a cow or horse gave rise to a problem in the barter system called
durability
divisibility
portability
acceptability
The most common form of money used today is referred to as (a) money.
The inability to determine a fixed rate of exchange started causing a problem with barter.
True
False
Money is a medium of (a) .
The ______________ each person had was used to trade with others.
needed goods
barter
surplus goods
economics
