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- 1. Multiple Choice
Barter requires the use of Money.
True
False
- 2. Multiple Choice
Providing enough for oneself but not to improve your way of life is referred to as
Barter
Exchange Rate
Subsistence
Double coincidence of wants
- 3. Multiple Choice
Two people who want what each other has to offer is referred to as:
Divisibility of goods
Exchange Rate
Business activity
Double coincidence of wants
- 4. Fill in the Blank
Early man lived in a _______________ economy.
- 5. Multiple Choice
Identify the items which were used as money
Coins
Paper money
Dog teeth
Shells
Arrow heads
- 6. Multiple Choice
Satisfying one's needs with the aid of others
Direct production
Barter
Indirect production
Farming
- 7. Multiple Choice
Which function of money places a value on items?
Portable
Store of Value
Divisible
Measure of Value
- 8. Multiple Choice
Money can be saved and used in the future.
Portable
Durable
Store of Value
Measure of Value
- 9. Multiple Choice
It should be simple to carry money around
Portable
Measure of Value
Durable
Medium of exchange
- 10. Fill in the Blank
Money is a medium of __________________ .
- 11. Fill in the Blank
The ______________ goods each person had was used to trade with others.
- 12. Multiple Choice
Which of the following is an example of a barter economy?
Goods and services are exchange for money payments
Goods are not traded because there is no double coincidence of wants
Goods and services are exchanged for other goods
- 13. Multiple Choice
The inability to determine a fixed rate of exchange started causing a problem with barter.
True
False
- 14. Fill in the Blank
The most common form of money used today is referred to as ______________ money.
- 15. Multiple Choice
The inability to give change for a cow or horse gave rise to a problem in the barter system called
durability
divisibility
portability
acceptability
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