5 Questions
What is the main difficulty of the barter system?
Lack of double coincidence of wants
What are the three main uses (functions) of money?
Medium of exchange, unit of account, store of value
What is the meaning of money?
Medium of exchange, unit of account, means of payment
What is necessary for money to be useful regardless of its form?
Widely accepted by buyers and sellers
What is the direct exchange of goods for goods called?
Barter
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?
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.
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