Money and Inflation — Practice Quiz
Gujarat Board · Class 12 · Economics
Try a 4-question quiz on Money and Inflation for Gujarat Board Class 12 Economics: tap an answer to check it and see why.
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Quick Quiz: Money and Inflation
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What is a barter system?
According to Marshall, what is money?
What is inflation in simple terms?
What are the two major causes of inflation?
Sample Questions
Which are the main limitations of the barter system?
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Problem of mutual adjustment of wants, Difficulty in storing value, Problem of measurement of value
The three main limitations of barter system are: double coincidence of wants problem, difficulty in storing wealth for future, and problems in measuring relative values of different goods.
What are the main functions of money?
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Medium of exchange, Store of value, Measure of value
The three primary functions of money are: medium of exchange (facilitating trade), store of value (saving for future), and measure of value (pricing goods and services).
Money solves the problem of double coincidence of wants. True or False?
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True
True. Money acts as a medium of exchange and eliminates the need for double coincidence of wants that was a major problem in the barter system.
Which are characteristics of inflation?
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Constant rise in price levels, Purchasing power decreases, Price rise in all sectors
Main characteristics of inflation include persistent price rise across all sectors of economy and consequent decrease in purchasing power of money.
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