Barter Trade Quiz

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Questions and Answers

Barter involves the exchange of goods or services without using money as a medium of exchange.

True (A)

Barter transactions often involve delayed reciprocal exchange rather than immediate exchange.

False (B)

Barter usually takes place on a unilateral basis.

False (B)

Barter is commonly used as a replacement for money in developed countries.

<p>False (B)</p> Signup and view all the answers

No ethnographic studies have shown that any society has used barter without any other medium of exchange.

<p>True (A)</p> Signup and view all the answers

Money is a verifiable record generally accepted as payment for goods and services and repayment of debts.

<p>True (A)</p> Signup and view all the answers

Nearly all contemporary money systems are based on unbacked fiat money with use value.

<p>False (B)</p> Signup and view all the answers

The money supply of a country comprises all currency in circulation and one type of bank money.

<p>False (B)</p> Signup and view all the answers

Bank money forms the largest part of broad money in developed countries.

<p>True (A)</p> Signup and view all the answers

The word money derives from the Latin word moneta with the meaning 'coin' via French monnaie.

<p>True (A)</p> Signup and view all the answers

Flashcards

What is Barter?

Exchange of goods/services without using money.

Barter: Delayed exchange?

False. Barter usually involves immediate exchange.

Barter: Unilateral act?

False. Barter usually takes place bilaterally.

Barter: Common in developed countries?

False. Barter is not a common replacement for money in developed countries.

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Barter: Only exchange?

True. No society solely barters.

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What is Money?

Verifiable record generally accepted for payment.

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Money: Backed by use value?

False. Modern money is fiat money without intrinsic use value.

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Money supply: Just currency?

False. Money supply includes currency and various types of bank money.

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Bank money: Largest part?

True. Bank money is the largest part of broad money in developed countries.

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Money: Origin of word?

True. 'Moneta' means 'coin'.

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Study Notes

Barter

  • Barter is the exchange of goods or services without using money as a medium of exchange.
  • Barter transactions often involve delayed reciprocal exchange rather than immediate exchange.
  • Barter usually takes place on a unilateral basis.

Money

  • Money is a verifiable record generally accepted as payment for goods and services and repayment of debts.
  • Nearly all contemporary money systems are based on unbacked fiat money with use value.
  • The money supply of a country comprises all currency in circulation and one type of bank money.
  • Bank money forms the largest part of broad money in developed countries.

Etymology of Money

  • The word "money" derives from the Latin word "moneta" with the meaning 'coin' via French "monnaie".

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