Drawbacks of Barter System

Q. Double coincidence of wants is a drawback of the barter system.

1. False
2. True

Q.

What is meant by double coincidence of wants?

Q. What is a Barter System?

Q. Which of the following features makes money a better tool for transactions than the barter system?

1. Difficult to carry
2. Exchangeability
3. Store of value
4. Assured value
5. Hard to find
6. Unit of account
7. Divisibility
8. Easy transations

Q. Which of the following is an advantage of the barter system?

1. Lack of double coincidence of wants
2. Difficulty of division of the goods
3. No economic disparities
4. Universally acceptable

Q. Sonu bartered his fully grown cattle for Vimla's small basket of apples. Why wasn't this a fair trade?

1. Quantity and value of goods were different.
2. Quantity and value of goods were the same.
3. Money was involved.
4. No money was involved.

Q. Finding a person who has the goods that we need and needs the goods we have was a drawback of the barter system.

What is this referred to as?

1. Medium of exchange
2. Measure of value
3. Double coincidence of wants
4. Not acceptable universally