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Question (1)

QN0024302

The barter system is a method of exchange in which people exchange:

(A) Goods and services using only coins
(B) Goods and services without using money
(C) Goods only through banks
(D) Services only through digital payments

Correct Answer: B

Explanation:

In the barter system, goods and services are exchanged directly without using money.

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Question (2)

QN0024303

A farmer has wheat and wants shoes. The shoemaker wants rice instead of wheat. Which major difficulty of barter is shown here?

(A) Durability
(B) Double coincidence of wants
(C) Divisibility
(D) Portability

Correct Answer: B

Explanation:

Both persons do not want each other's goods, so exchange cannot happen directly.

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Question (3)

QN0024304

Which of the following best defines double coincidence of wants?

(A) Two people exchange equal quantities of goods.
(B) Two people possess identical goods.
(C) Two people each have something the other wants and agree to exchange.
(D) Two people pay the same price for a product.

Correct Answer: C

Explanation:

Both parties must want each other's goods for barter to take place.

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Question (4)

QN0024305

A person owns a goat worth much more than a school bag but needs only the school bag. Which limitation of barter is illustrated?

(A) Durability
(B) Divisibility
(C) Portability
(D) Store of value

Correct Answer: B

Explanation:

A goat cannot be divided conveniently to match the value of a school bag.

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Question (5)

QN0024306

Which of the following is NOT a limitation of the barter system?

(A) Lack of a common standard of value
(B) Double coincidence of wants
(C) Easy comparison of values
(D) Difficulty in storing some goods

Correct Answer: C

Explanation:

Comparing values is difficult in barter because there is no common measure.

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Question (6)

QN0024307

Ravi has a bicycle and wants a laptop. The laptop owner wants cash instead of a bicycle. What is the most suitable conclusion?

(A) The barter system always works efficiently.
(B) Money makes such exchanges easier.
(C) Goods cannot be exchanged.
(D) Only expensive goods can be bartered.

Correct Answer: B

Explanation:

Money removes the need for matching wants.

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Question (7)

QN0024308

Which feature of money allows people to compare the prices of different goods and services?

(A) Portability
(B) Common denomination or standard measure of value
(C) Divisibility
(D) Double coincidence of wants

Correct Answer: B

Explanation:

Money provides a common measure for comparing values.

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Question (8)

QN0024309

A farmer sells vegetables today and keeps the money to buy seeds after two months. Which function of money is shown?

(A) Medium of exchange
(B) Store of value
(C) Double coincidence
(D) Barter

Correct Answer: B

Explanation:

Money can be saved and used later.

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Question (9)

QN0024310

A student buys a notebook by paying ₹50 in cash. Which function of money is mainly illustrated?

(A) Store of value
(B) Medium of exchange
(C) Divisibility
(D) Durability

Correct Answer: B

Explanation:

Money is being used to purchase goods.

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Question (10)

QN0024311

A shopkeeper agrees to receive the remaining payment for a product after one week. This illustrates that money serves as:

(A) A store of value
(B) A medium of exchange
(C) A standard of deferred payment
(D) A barter commodity

Correct Answer: C

Explanation:

Money can be used for payments to be made in the future.

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Question (1)

The barter system is a method of exchange in which people exchange:

Explanation:

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Question (2)

A farmer has wheat and wants shoes. The shoemaker wants rice instead of wheat. Which major difficulty of barter is shown here?

Explanation:

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Question (3)

Which of the following best defines double coincidence of wants?

Explanation:

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Question (4)

A person owns a goat worth much more than a school bag but needs only the school bag. Which limitation of barter is illustrated?

Explanation:

Link:

Question (5)

Which of the following is NOT a limitation of the barter system?

Explanation:

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Question (6)

Ravi has a bicycle and wants a laptop. The laptop owner wants cash instead of a bicycle. What is the most suitable conclusion?

Explanation:

Link:

Question (7)

Which feature of money allows people to compare the prices of different goods and services?

Explanation:

Link:

Question (8)

A farmer sells vegetables today and keeps the money to buy seeds after two months. Which function of money is shown?

Explanation:

Link:

Question (9)

A student buys a notebook by paying ₹50 in cash. Which function of money is mainly illustrated?

Explanation:

Link:

Question (10)

A shopkeeper agrees to receive the remaining payment for a product after one week. This illustrates that money serves as:

Explanation:

Link:

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