Chapter 27--Money and the F - Chapter 27-Money and the...

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Chapter 27--Money and the Financial System Student: ___________________________________________________________________________ 1. Barter is the exchange of goods and services without the use of money. A. True B. False 2. Exchange is necessary in an economy if A. output is to be produced B. output is to be consumed C. individuals are self-sufficient D. families are self-sufficient E. labor is specialized 3. The earliest type of exchange involved 4. Specialization of labor means that A. production requires a special kind of labor B. the overall skill level of labor is increasing C. individuals produce goods other than those they want to consume D. individuals achieve self-sufficiency in production E. exchange within the economy consists of trading in services 5. Specialization of labor means that
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6. In a barter system, 7. In a barter system, A. it is difficult to keep track of the relative values of goods and services B. an individual offers money to get a good or service C. an individual offers a good or service to get money D. different kinds of money are exchanged for each other E. individuals are self-sufficient 8. In a barter system, 9. Barter is the direct exchange of goods and services for 10. Which of the following best illustrates the double coincidence of wants?
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