Barter Quiz

When Trinidad exchanges its oil for cement from Jamaica, the form of trade is best described as

• regional trade

• barter

• transaction

• international trade

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

Why was barter necessary in early societies?

Give two reasons why transactions were difficult to make in the barter system?