6 Questions
What was a significant limitation of the barter system according to the text?
Problem of Mutual Adjustment of Wants
Why did the barter system become less applicable over time?
Increase in population and socio-economic development
Which function of money is described as 'Money as a Store of Value'?
Money as a Store of Value
What led to the limitation and decrease in applicability of the barter system?
Urbanization and specialization
Which factor is NOT mentioned as a cause of inflation in the text?
Urbanization
What was NOT an exchange item mentioned in the text for teachers under the barter system?
Rice
Test your knowledge on the meaning of barter system, origin of money, functions of money, types of money, and definition of inflation. Explore topics like limitations of barter system, concept of money development, functions of money as a medium of exchange, store of value, and measure of value.
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