Question:
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
Money resolves the limitations of the barter system by acting as a universal medium of exchange.
Updated On: Jan 31, 2025
- 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.
Hide Solution
Verified By Collegedunia
The Correct Option is C
Solution and Explanation
Statement 1 is true because money is universally accepted as a medium of exchange, enabling trade and transactions. Statement 2 is also true because money eliminates the problem of double coincidence of wants by acting as a medium of exchange in the economy.
Was this answer helpful?
0
0
Top Questions on Cost Function and Marginal Cost
If the marginal cost of a firm is given as the function of output, \( C'(Q) = 2e^{0.2Q} \), and if the fixed cost is 75, find the total cost function.
- CUET (PG) - 2025
- Economics
- Cost Function and Marginal Cost
- Let the total cost (TC) = \( C = f(X) \) for a firm in the short run, which of the following expressions represents the correct relationship between marginal cost (MC) and average cost (AC)?
- CUET (PG) - 2025
- Economics
- Cost Function and Marginal Cost
Discuss any two benefits accruing from human capital formation.
- CBSE CLASS XII - 2024
- Economics
- Cost Function and Marginal Cost
- \[ \begin{array}{|c|l|r|} \hline \textbf{S.No.} & \textbf{Items} & \textbf{Amount (in ₹ Crore)} \\ \hline (i) & \text{Tax Receipts} & 1,200 \\ \hline (ii) & \text{Revenue Expenditure} & 3,700 \\ \hline (iii) & \text{Non-Tax Receipts} & 2,000 \\ \hline (iv) & \text{Recovery of Loans} & 145 \\ \hline (v) & \text{Capital Expenditure} & 500 \\ \hline (vi) & \text{Disinvestment} & 120 \\ \hline (vii) & \text{Interest Payments} & 1,070 \\ \hline \end{array} \]
- CBSE CLASS XII - 2024
- Economics
- Cost Function and Marginal Cost
- On the basis of the data given below for an imaginary economy, estimate the value of Net Domestic Product at Factor Cost (\(NDP_{FC}\)): \[ \begin{array}{|l|l|l|} \hline \textbf{S. No.} & \textbf{Items} & \textbf{Amount (in ₹ crore)} \\ \hline (i) & \text{Gross Domestic Fixed Capital Formation} & 300 \\ (ii) & \text{Exports} & 70 \\ (iii) & \text{Government Final Consumption Expenditure} & 400 \\ (iv) & \text{Consumption of Fixed Capital} & 50 \\ (v) & \text{Household Final Consumption Expenditure} & 590 \\ (vi) & \text{Inventory Investment (Net)} & -60 \\ (vii) & \text{Imports} & 80 \\ (viii) & \text{Net Indirect Taxes} & 50 \\ (ix) & \text{Net Factor Income from Abroad} & 40 \\ \hline \end{array} \]
- CBSE CLASS XII - 2024
- Economics
- Cost Function and Marginal Cost
View More Questions
Questions Asked in CBSE CLASS XII exam
- Calculate the amount of Opening Trade Receivables and Closing Trade Receivables from the following information:
Trade Receivables Turnover Ratio = 5 times
Cost of Revenue from Operations = ₹ 8,00,000
Gross Profit Ratio = 20%
Closing Trade Receivables were ₹ 40,000 more than Opening
Cash Sales = \( \frac{1}{4} \) of Credit Sales- CBSE CLASS XII - 2025
- Accounting Ratios
On 31st March, 2024 following is the Balance Sheet of Bhavik Limited :
Bhavik Ltd.
Additional Information :
(i) During the year a piece of machinery costing Rs 8,00,000 accumulated depreciation thereon Rs 50,000 was sold for Rs 6,50,000
(ii) Debentures were redeemed on 31-03-2024.
Calculate:
(a) Cash flows from Investing Activities
(b) Cash flows from Financing Activities
- CBSE CLASS XII - 2025
- Analysis of Financial Statements
- Draw a rough sketch of the curve \( y = \sqrt{x} \). Using integration, find the area of the region bounded by the curve \( y = \sqrt{x} \), \( x = 4 \), and the x-axis, in the first quadrant.
- CBSE CLASS XII - 2025
- Integration
- Sonia and Shruti were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st April, 2023 the balance in their fixed capital accounts were \u20b9 25,00,000 and \u20b9 15,00,000 respectively. The profit of the firm for the year ended 31st March, 2024 was \u20b9 24,00,000. Calculate their share of profit if : (i) the partnership deed is silent as to the payment of interest on capital. (ii) the partnership deed provides for interest on capital @ 10% per annum.
- CBSE CLASS XII - 2025
- Profit and Loss Account
- Vishesh, Manik and Amit were partners in the ratio 5 : 4 : 1. Amit retired on 31st March, 2024. Vishesh and Manik decided to share Amit’s share in the ratio 2 : 3. What will be the new profit sharing ratio between Vishesh and Manik?
- CBSE CLASS XII - 2025
- Retirement and Death of a Partner
View More Questions