Do You Know Trade By Barter?

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Do You Know Trade By Barter? - Quiz

Trade by barter is a popular word used in marketing, It is the major medium of exchange of goods and services years back. Funny enough many don't know much about it. Do you think you know a lot about it? Why not test your knowledge by taking this quiz? It is going to be fun.


Questions and Answers
  • 1. 

    Which of the following is the general medium of exchange in the world today?

    • A.

      Money

    • B.

      Plates

    • C.

      Caution

    • D.

      Savings

    Correct Answer
    A. Money
    Explanation
    Money is the general medium of exchange in the world today. It is a widely accepted form of payment for goods and services. Money serves as a unit of account, a store of value, and a medium of exchange. It allows individuals to trade and conduct transactions efficiently, eliminating the need for barter or direct exchange of goods. Money can take various forms, such as cash, coins, or digital currency, and it is universally recognized as a means of exchange in modern economies.

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  • 2. 

    Among the following, who do you think explain the word "barter" most?

    • A.

      Nick Charlie

    • B.

      Hussein Sadam

    • C.

      Adams Smith

    • D.

      Chevley Clinton

    Correct Answer
    C. Adams Smith
    Explanation
    Adams Smith is the correct answer because he is the only person mentioned who is known for his work on economics and specifically for his book "The Wealth of Nations". In this book, Smith discusses the concept of barter extensively, explaining how it functions as a system of exchange where goods or services are traded directly without the use of money. His work on barter and its role in economic systems makes him the most likely candidate to explain the word "barter" effectively.

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  • 3. 

    Wnen was barter used as a medium of exchange in the world according to ethnographic studies?

    • A.

      13th century

    • B.

      15th Century

    • C.

      18th Century

    • D.

      Was never used

    Correct Answer
    D. Was never used
    Explanation
    According to ethnographic studies, barter was never used as a medium of exchange in the world. This means that throughout history, people did not rely on direct exchange of goods and services without the use of money or a common medium of exchange. Instead, various forms of currency, such as coins or paper money, have been used as a means of facilitating trade and commerce.

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  • 4. 

    Which of the following contributed to the study of barter?

    • A.

      Natio Phils

    • B.

      Bush Cat

    • C.

      Benjamin Orlove

    • D.

      Phil Jones

    Correct Answer
    C. Benjamin Orlove
    Explanation
    Benjamin Orlove contributed to the study of barter. Although the question does not provide specific details about Orlove's contributions, it can be inferred that he has made significant contributions to the field based on his inclusion as an option among the other names. It is likely that Orlove has conducted research or published works related to barter, which has contributed to the study and understanding of this economic practice.

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  • 5. 

    Which of the following contributed to the study of barter?

    • A.

      Pat Rice

    • B.

      Keith hart

    • C.

      Forms Stick

    • D.

      Jackson Fray

    Correct Answer
    B. Keith hart
    Explanation
    Keith Hart contributed to the study of barter.

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  • 6. 

    Which of the following contributed to the study of barter?

    • A.

      Benjamin Orlove

    • B.

      Keith Hart

    • C.

      Adams Smith

    • D.

      All of the above

    Correct Answer
    D. All of the above
    Explanation
    All three individuals mentioned in the options - Benjamin Orlove, Keith Hart, and Adams Smith - have made significant contributions to the study of barter. Benjamin Orlove is an anthropologist who has conducted research on barter systems in various cultures. Keith Hart is an economic anthropologist who has written extensively on the informal economy and the role of barter in it. Adams Smith, also known as Adam Smith, is a renowned economist who discussed the concept of barter in his book "The Wealth of Nations." Therefore, all of the above options have contributed to the study of barter.

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  • 7. 

     he did not contribute to the study of barter. who?

    • A.

      Adams Smith

    • B.

      Benjamin Orlove

    • C.

      Keith Hart

    • D.

      None of the above

    Correct Answer
    D. None of the above
    Explanation
    The question states that the person did not contribute to the study of barter. Since none of the options provided (Adam Smith, Benjamin Orlove, Keith Hart) is the correct answer, the correct answer must be "None of the above".

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  • 8. 

    Group of socialists tried to organise something like barter in brita8in in the 1830s. What is the name of the group?

    • A.

      Owenite

    • B.

      Accolade

    • C.

      Granit

    • D.

      Graffin

    Correct Answer
    A. Owenite
    Explanation
    The correct answer is Owenite. In the 1830s, a group of socialists in Britain attempted to organize a system similar to barter. They were called the Owenites, named after Robert Owen, a prominent social reformer and advocate for cooperative communities. The Owenites believed in creating a society based on cooperation and equality, and they sought to establish communities where goods and services would be shared and exchanged without the use of money.

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  • 9. 

    Exchange is also precisely means barter.

    • A.

      Yes

    • B.

      No

    • C.

      Maybe

    • D.

      I don't know

    Correct Answer
    B. No
    Explanation
    The statement "Exchange is also precisely means barter" is incorrect. While exchange and barter are related terms, they are not precisely the same. Barter refers to the direct exchange of goods or services without the use of money, whereas exchange can involve the use of money or other forms of currency. Therefore, the correct answer is "no."

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  • 10. 

    Giving gold in exchange of a services in America today is also barter.

    • A.

      No

    • B.

      Yes

    • C.

      I can't say

    • D.

      Maybe

    Correct Answer
    A. No
    Explanation
    The given statement is incorrect because exchanging gold for services is not considered barter in America today. Barter refers to the exchange of goods or services without the use of money. In America, gold is considered a form of currency and is typically exchanged for its monetary value rather than as a direct exchange for goods or services. Therefore, the correct answer is "No".

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 15, 2018
    Quiz Created by
    Jaksiboy
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