Barter System

Q.

What is double coincidence of wants?

Q.

An economy in which goods are exchanged for other goods is called:

1. CM economy

2. CC economy

3. GM economy

4. GG economy

Q.

Barter system refers to that system wherein:

1. goods are exhanged for goods

2. goods are exchanged for domestic currency

3. goods are not exchanged at all

4. goods are exchanged for foreign currency

Q.

Double coincidence of wants is a typical feature of monetary system of exchange. State true or false, and explain why.

Q.

Which of the following is a typical characteristic of the barter system?

1. A standard for deferred payments

2. A common medium of exchange

3. A common unit of account

4. Double coincidence of wants

Q. How does use of money solve the problem of 'lack of double coincidence of wants' that existed under the barter system?

Q. State two factors that govern the supply of commodities.

Q. Introduction of___________ eliminated the need for double coincidence of wants.

1. paper
2. gold
3. computer
4. money

Q. Explain the factors that govern the supply of commodities.

Q. Difficulty with barter system was

1. All of the above
2. Credit purchase was difficult as nature of commodity kept changing.
3. Exchange was difficult due to lack of double coincidence of wants.
4. Evaluation of the commodity was difficult as the commodities exchanged were different.

Q. Demand for a commodity refers to _____.

1. amount of the commodity demanded at a particular price and at a particular time
2. desire for the commodity
3. quantity demanded of that commodity
4. need for the commodity

Q.

Which of the following features is essential to a barter system?

1. Double coincidence of wants

2. Fiat money

3. Perfect information

4. A market

Q.

Suppose Akash wants three coconuts and he has 2 bags of rice. Suppose Vinay is willing to give 4 coconuts and wants 4 bags of rice. The barter exchange will take place in this situation. State true or false.

1. False

2. True

Q. How does the use of money make it easier to exchange things? Give an example.

Q.

1. Consumption
2. Production
3. A and B both
4. Charity

Q. "Marketing economies may be on the buying or selling side of a business." This statement is ___________.

1. correct
2. correct but incomplete
3. neither complete nor correct
4. partly correct and partly incorrect

Q. Which of the following is the oldest system of money?

1. Barter
2. Plastic money
3. Credit money
4. Gold

Q. Write any two difficulties of barter system.

Q. Write short notes on individual supply and market supply.

Q. State with reasons the following statement is True or False.
In Barter system there is direct exchange of goods.

1. True
2. False

Q. The problem of double coincidence of wants is solved with the introduction of _____.

1. gold
2. technology
3. computer
4. money

Q. What does the term 'supply' mean in Economics?

Q. Fill in the blanks with appropriate words in the following sentences.
In olden days the goods were exchanged for goods, which was called _____________ system of exchange.

Q. What is double coincidence of wants ?(Economics class 10)​

Q. With help of an example explain the term complementary goods.

Q. In your opinion, between barter system and monetary system, which one is superior and why?

Q. State with reasons, whether you 'agree' or 'disagree' with the following statement:
Barter system had many difficulties.

Q.
Demand for a commodity refers to the entire demand schedule.

1. True
2. False

Q. Very Short Answer Type Questions:
Define intermediate consumption.

Q. State with reasons the following statement is True or False.
Barter system had many difficulties or disadvantages.

1. True
2. False