20 questions
The barter system is the exchange of goods and cash.
True
False
There are no problems faced when people are using the barter system.
True
False
Double coincidence of wants is an issue associated with the system of
barter
sale
transfer
donations
Which of the following is a disadvantage of of the barter system
I The rate of exchange
II Storage of wealth
III Acquisition of goods
I and II only
III only
I and III only
I, II and III
An advantage of Barter is
you can use money
more goods can be acquired
it is flexible in trading goods or services
it is a quick process of trade
Which of the following person is a producer of goods
Hairdresser
Manufacturer
Surveyor
Garbage collector
Subsistence economy involves
paying for goods of only high quality
Accumulating wealth
Producing goods and service only for survival
investing for future goals
The exchange of goods and services without the use of money ______.
service
consumer
producer
barter
Trade is the exchange of goods and __________.
business
services
Which of these is an exchange of a service?
fixing your computer
an iPhone
Which of these is an example of a good?
babysitting
an iPad
Trade only happens between countries.
True
False
Before money was invented people had to _____.
Barter
Buy
What problem did people have in the time before money?
It was difficult to get what they wanted and needed.
The mall was too crowded
Before money, people bartered what they had for what they needed.
True
False
The act, process or business of buying, selling or exchanging goods and services is called ___________.
trade
barter
The exchange of goods and services is made more efficient by:
Barters
Money
Governments
Some combination of government transfer and barter
Which one of these is a limitation of barter system?
Lack of double coincidence of wants
Lack of store of value
Lack of common measure of value
All of these
An intangible benefit is called a ____
Good
Service
Commodity
Market
When Trinidad exchanges its oil for cement from Jamaica, the form of trade is best described as
regional trade
barter
transaction
international trade