5 Questions
What is the barter system?
A system where goods are directly exchanged without the use of currency
What are modern forms of money?
Currencies and coins authorised by the Government
What does the Reserve Bank of India (RBI) issue on behalf of the Government?
Currency notes
What are demand deposits?
Deposits in bank accounts that can be withdrawn on demand
What is an important feature of the barter system?
Double coincidence of wants
Test your knowledge of money as a medium of exchange and the evolution from the barter system to monetary systems with this quiz. Explore the concept of double coincidence of wants and how it relates to the exchange of goods and services.
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