Barter System

Barter system is the exchange of goods and cash.

• True

• False

The exchange of goods and services is made more efficient by:

• Barters

• Money

• Governments

• Some combination of government transfer and barter

Which of the following system referred to goods being exchanged For goods in olden days.

• functional system

• primary system

• Money system

• barter system

Which of the following is an essential feature of the barter system?

• Double coincidence of wants

• existence of money

• exchange of goods for money

• Availability of product

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 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

Things you would like to have, but are not required to survive are called ____.

• Services

• Wants

• Needs

• Goods

Someone who buys or pays for a good or service

• Producer

• User

• Consumer

• Marker