Money and Credit: Medium of Exchange Quiz
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Questions and Answers

What is the barter system?

  • A system where goods are directly exchanged without the use of currency (correct)
  • A system where currency is used for all transactions
  • A system where goods are exchanged through intermediaries
  • A system where goods are exchanged using only metallic coins

    • What are modern forms of money?

  • Deposits with banks
  • Gold, silver, and copper coins
  • Currencies and coins authorised by the Government (correct)
  • Barter goods

    • What does the Reserve Bank of India (RBI) issue on behalf of the Government?

  • Currency notes (correct)
  • Silver coins
  • Gold coins
  • Copper coins

    • What are demand deposits?

    <p>Deposits in bank accounts that can be withdrawn on demand</p> Signup and view all the answers

    What is an important feature of the barter system?

    <p>Double coincidence of wants</p> Signup and view all the answers

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