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Economic System

"A" sells 200...

Question

"A" sells 200 tons of rice to "B" in turn "B" sells 200 tons of wheat to A" it is

A

Barter system

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B

Sale contract

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C

Agreement

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D

All of the above

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Solution

The correct option is A Barter system
"A" sells 200 tons of rice to "B" in turn "B" sells 200 tons of wheat to A" it is barter system since one commodity is exchanged with another commodity without any currency acting as a medium of exchange. This system is also known as C-C exchange where 'C' stands for commodity.

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Q. Represent the following data with the help of
(a) Simple bar diagram, and
(b) Pie diagram.
Production of Wheat, Rice and Tea: Wheat

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3250 Tons; Rice

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Q. solve:
Example X agrees to sell 100 tons of Basmati tice to Y at Rs. 40,000 per ton. State the legal position in each of the following alternative cases:
Case (a) If X delivers 8 tons of Basmati rice.
Case (b) If X delivers 12 tons of Basmati rice.
Case (c) If X delivers 10 tons of Basmati rice and 2 tons of Dehraduni rice
Case (d) If X delivers 10 tons of Basmati rice of which 2 tons of inferior quality.
Case (e) If X delivers 8 tons of Basmati rice in April and the remaining 2 tons in the first week of May.
Case (f) If X delivers 10 tons of Basmati rice at Y's godown. Y refuses. to accept them and neither returns nor, informs the seller that, he refused to accept the goods.
Case(g) If X delivers 10 tons of Basmati rice at Y's godown. Y's refuses to accept them and inform the seller about. his intention but does not return the goods.
Case (h) If X is ready to deliver but Y refuses to take delivery and repudiates the contract.
Case (i) If X delivers 10 tons of Basmati rice and Y resells the rice to Z. When the rice are delivered to Y, he inspected a sample of it and sends it to Z. Z rejects it as not having according to sample. Y rejects the goods.
Case (j) If X delivers 10 tons 1 kg of Basmati rice and does not charge the buyer with excess quantity.

Q. Ram agrees to sell to Rahim, 100 tons of oil. The agreement is _____.

Q. Ram agrees to sell to Rahim, 100 tons of oil. Ram deals only in coconut oil. The agreement is ______.

Q. A agree to sell 50 ton of steel bars if the import consignment safely reach India. This is a ___________.

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