Barter is an inefficient way of trading because it requires: Select one: A. a double coincidence of wants B. one of the traders to have a surplus C. a marketplace big enough for lots of goods to be traded
A. a double coincidence of wants
1 of 15
Forms of money that are worth something in their own right have: Select one: A. fiduciary value B. intrinsic value C. no value
B. intrinsic value Correct
2 of 15
Using items of intrinsic value as money can be a problem because: Select one: A. they are difficult to find B. they are too heavy to carry around C. they do not have a constant value
C. they do not have a constant value
3 of 15
Paper banknotes have: Select one: A. absolute value B. representational value C. intrinsic value
B. representational value
4 of 15
A pound coin can be used anywhere in the UK to pay for goods; which characteristic of money is this?
recognisable
5 of 15
If a chocolate bar costs 70p but you only have a £2 coin you can use that coin and get change; which characteristic of money is this?
divisible
6 of 15
Coins last for many years ;which characteristic of money is this?
durable
7 of 15
A pound coin can be used anywhere in the UK to pay for goods
portable
8 of 15
Money needs to be recognisable and homogeneous in order to be: Select one: A. accepted B. long-lasting C. a store of value
A. accepted
9 of 15
The term 'legal tender' means that banknotes and coins are genuine and not fakes. Select one: True or False
false
10 of 15
When people accept money as payment for goods and services it is an example of money acting as a: Select one: A. store of value B. standard of deferred payment C. means of exchange
C. means of exchange
11 of 15
Inflation means that: Select one: A. money loses value over time B. banks add interest to your savings account C. prices fall from one year to the next
A. money loses value over time
12 of 15
Evie wants a bank account that will enable her to make payments. Which type of account does she require? Select one: A. mortgage account B. current account C. high-interest account
B. current account
13 of 15
Borrowers compensate lenders by paying them interest. Select one: True or False
true
14 of 15
A current account will generally offer a higher rate of interest than a savings account. Select one: True False
false
15 of 15
Other cards in this set
Card 2
Front
Forms of money that are worth something in their own right have: Select one: A. fiduciary value B. intrinsic value C. no value
Back
B. intrinsic value Correct
Card 3
Front
Using items of intrinsic value as money can be a problem because: Select one: A. they are difficult to find B. they are too heavy to carry around C. they do not have a constant value
Back
Card 4
Front
Paper banknotes have: Select one: A. absolute value B. representational value C. intrinsic value
Back
Card 5
Front
A pound coin can be used anywhere in the UK to pay for goods; which characteristic of money is this?
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