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Questions and Answers
What was a significant limitation of the barter system according to the text?
What was a significant limitation of the barter system according to the text?
- Problem of Mutual Adjustment of Wants (correct)
- Difficulty in Storing of Value
- Increase in Demand
- Increase in Cost of Production
Why did the barter system become less applicable over time?
Why did the barter system become less applicable over time?
- Decrease in division of labor
- Increase in population and socio-economic development (correct)
- Less specific demands
- Lack of agricultural exchange
Which function of money is described as 'Money as a Store of Value'?
Which function of money is described as 'Money as a Store of Value'?
- Money as a Store of Value (correct)
- Money as a Measure of Value
- Money as a Medium of Exchange
- Money as a Means of Production
What led to the limitation and decrease in applicability of the barter system?
What led to the limitation and decrease in applicability of the barter system?
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Which factor is NOT mentioned as a cause of inflation in the text?
Which factor is NOT mentioned as a cause of inflation in the text?
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What was NOT an exchange item mentioned in the text for teachers under the barter system?
What was NOT an exchange item mentioned in the text for teachers under the barter system?
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