Before barter evolved, man’s wants were satisfied through

Barter may be described as the

Which one of the following characterized pre-industrial societies?

Which one of the following is usually associated with simple societies?

Which of the following can be identified as disadvantages of the barter system?

I. Absence of a common measure of value

II. Difficulty of storing wealth

III. Double coincidence of wants

IV. Provision of a wider variety of goods

In Britain the earliest people who issued paper receipts which could be used as cheques were

In very primitive economies money took the form of

Gold was used as a currency in many countries mainly because

A number of commodities such as cowrie shells, cattle, salt and sugar were used as money. The type of money is referred to as

The development of a money economy established

I. A common measure of value

II. A medium of exchange

III. Easy storage of wealth

IV. Quicker exchanges of goods for goods

Which of the following made the barter system cumbersome and time-wasting?

I. Absence of a double coincidence of wants

II. Availability of abundant supplies of goods

III. Desire of people to hoard their goods

IV. Lack of a standard measure of values

Which one of the following persons is a producer of goods?

Consumers are those individuals who

Consumer goods are those goods which

Wants are satisfied indirectly through

The tendency for people, firms and communities to concentrate their efforts on that form of productive activity which brings the greatest benefit is called

Goods are said to be scarce when they

The functions of business would NOT normally include

In which type of economic system does the price mechanism determine the allocation of resources?

An economic system where producers and consumers are the main decision makers is called a

In the absence of a partnership deed agreement, profits and losses in a partnership must be shared

In a limited liability partnership

Within free enterprise system, the economic problem of ‘what goods shall be produced’ is solved primarily by the

‘People’s desires, expressed through market forces, determine the areas into which resources are to be channeled’. Which type of economic system does this statement best characterize?

In which type of system does the state own and control all of the country’s productive resources?

A country in which entrepreneur’s main aim is the maximization of profits can be said to be practicing

Which type of economic system is found in most Caribbean countries?

Which of the following are features of the private sector?

I. State control of goods and services produced

II. Ownership and control of businesses by private individuals

III. Control of some of the country’s productive resources by individuals

IV. Ownership of some business enterprises be overseas investors.

For what reason may government decide to take over a privately owned business undertaking?

I. The undertaking provides a most important public utility

II. Government desires to own and control the country’s natural resources

III. Most of the undertaking’s profits are being repatriated IV. The undertaking has no monopoly power within the economy