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5 Questions

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COPY: Evolution of Money

Created by

@BrilliantPiano

Questions and Answers

What is the main difficulty of the barter system?

Inability to store value

Excessive transaction costs

Lack of double coincidence of wants (correct)

Limited unit of account

What are the three main uses (functions) of money?

Medium of exchange, unit of production, store of value

Medium of exchange, unit of account, store of value (correct)

Medium of exchange, unit of account, standard of deferred payments

Medium of production, unit of account, store of value

What is the meaning of money?

Unit of value, medium of production, means of exchange

Medium of exchange, unit of account, means of payment (correct)

Medium of production, unit of exchange, store of value

Unit of account, store of production, means of exchange

What is necessary for money to be useful regardless of its form?

<p>Widely accepted by buyers and sellers</p> Signup and view all the answers

What is the direct exchange of goods for goods called?

<p>Barter</p> Signup and view all the answers

Study Notes

What is the main difficulty of the barter system? What are the three main uses (functions) of money? What is the meaning of money? What is necessary for money to be useful regardless of its form? What is the direct exchange of goods for goods called?

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Description

Test your knowledge of money and banking with this quiz! Explore the various forms of money throughout history and its role as a medium of exchange and unit of account. From traditional coins to modern virtual currency, see how money has evolved as a means of payment and value exchange.