Read the following statements carefully:
Statement 1: Money is a commodity which is generally accepted as a medium of exchange.
Statement 2: Money solved the problem of double coincidence of wants.
Read the following statements carefully:
Statement 1: Money is a commodity which is generally accepted as a medium of exchange.
Statement 2: Money solved the problem of double coincidence of wants.
Show Hint
- Statement 1 is true and Statement 2 is false.
- Statement 1 is false and Statement 2 is true.
- Both statements 1 and 2 are true.
- Both statements 1 and 2 are false.
The Correct Option is C
Solution and Explanation
Statement 1: Money is universally accepted as a medium of exchange, which makes it a key feature in economic transactions.
Statement 2: Money overcomes the limitation of barter systems, including the problem of double coincidence of wants, by allowing indirect exchanges.
Top Questions on Debts
- On the basis of the data given below, estimate the value of Gross National Product at Factor Cost (GNPFC): \[ \begin{array}{|c|l|r|} \hline \textbf{S.No.} & \textbf{Items} & \textbf{Amount (in ₹ crore)} \\ \hline (i) & \text{Wages and Salaries} & 2,000 \\ \hline (ii) & \text{Rent and Interest} & 800 \\ \hline (iii) & \text{Corporate Tax} & 500 \\ \hline (iv) & \text{Undistributed Profit} & 300 \\ \hline (v) & \text{Dividend} & 200 \\ \hline (vi) & \text{Depreciation} & 150 \\ \hline (vii) & \text{Net Factor Income from Abroad} & -50 \\ \hline \end{array} \]
- "Depreciation of currency may promote exports of a nation."
Defend or refute the given statement with valid arguments. Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below:
Assertion (A): The equilibrium level of income is determined, when ex-ante spending and ex-ante output are equal.
Reason (R): The equilibrium level of income may or may not be the same as the full employment level of output.Study the following figure carefully and choose the correct alternative to fill in the blank:
- From the type of workers given in Column I, identify the correct nature of work in Column II: \begin{center} \begin{tabular}{|c|l|l|} \hline Column I & Column II
\hline 1. Cement shop owner & (i) Regular salaried
\hline 2. Construction worker & (ii) Casual wage workers
\hline 3. Civil engineer & (iii) Self-employed
\hline \end{tabular} \end{center}
Questions Asked in CBSE CLASS XII exam
China was able to control its rapid population growth rate owing to __________.
(Choose the correct alternative to fill in the blank):- CBSE CLASS XII - 2024
- Economic History
Modernization is an important economic planning objective that focuses on ___________.
(Choose the correct alternative to fill in the blank):
[(i)] Adoption of innovative technology
[(ii)] Equal distribution of income and wealth
[(iii)] Bringing positive changes in the social outlook- CBSE CLASS XII - 2024
- India and China
During the British rule, India’s foreign trade had various features except ________.
(Choose the correct alternative to fill in the blank):- CBSE CLASS XII - 2024
- Money and Inflation
The present day rapid industrial growth in China can be traced back to the economic reforms introduced in 1978, where _______.
(Choose the correct alternative to fill in the blank):
(i) Initially reforms were initiated in agriculture, foreign trade, and investment sectors.
(ii) The policy of dual pricing was adopted.
(iii) The Government revoked the policy of Special Economic Zones.- CBSE CLASS XII - 2024
- Money and Inflation
_______ farming is a system that is helpful in restoring, maintaining and enhancing the ecological balance.
(Choose the correct alternative to fill in the blank):- CBSE CLASS XII - 2024
- Indian Economy