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Question (1)

QN0031208

In a barter economy, Riya has rice, Mohan has vegetables, and Sita has milk. Riya wants milk, Mohan wants rice, and Sita wants vegetables. How many exchanges are needed so that everyone gets what they want?

(A) 1
(B) 2
(C) 3
(D) No exchange possible

Correct Answer: B

Explanation:

Riya gives rice to Mohan, Mohan gives vegetables to Sita, and Sita gives milk to Riya. Thus, 2 exchanges are needed.

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Question (2)

QN0031209

A farmer wants medicines, shoes, and a sweater but has only an ox. Which problem of the barter system is highlighted here?

(A) Durability
(B) Portability
(C) Double coincidence of wants
(D) Minting

Correct Answer: C

Explanation:

The farmer must find people who need an ox and can provide the required goods. This is the problem of double coincidence of wants.

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Question (3)

QN0031210

Which of the following is NOT a function of money?

(A) Medium of exchange
(B) Store of value
(C) Standard of deferred payment
(D) Source of natural resources

Correct Answer: D

Explanation:

Money acts as a medium of exchange, store of value, and standard of deferred payment, but it does not create natural resources.

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Question (4)

QN0031211

A person exchanges 12 kg of wheat for shoes and 8 kg for medicines. If he originally had 30 kg of wheat, how much wheat remains?

(A) 8 kg
(B) 10 kg
(C) 12 kg
(D) 14 kg

Correct Answer: B

Explanation:

Wheat remaining = 30 − (12 + 8) = 10 kg.

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Question (5)

QN0031212

Which limitation of barter is faced when a person cannot exchange half an ox for a sweater?

(A) Portability
(B) Durability
(C) Divisibility
(D) Standard of value

Correct Answer: C

Explanation:

Some goods such as an ox cannot be divided into smaller units for exchange. This is the problem of divisibility.

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Question (6)

QN0031213

In ancient India, coins made of silver and copper together are examples of:

(A) Commodities
(B) Alloys
(C) Currency notes
(D) Digital money

Correct Answer: B

Explanation:

An alloy is a mixture of two or more metals. Silver and copper together form an alloy.

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Question (7)

QN0031214

A trader carries 500 metal coins while travelling long distances. Which development in money mainly solved this problem?

(A) Barter system
(B) Cowrie shells
(C) Paper currency
(D) Commodity money

Correct Answer: C

Explanation:

Paper currency is lighter and easier to carry and store than a large number of metal coins.

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Question (8)

QN0031215

A shopkeeper sells goods worth ₹450. A customer pays ₹300 now and promises to pay ₹150 next week. Which function of money is involved?

(A) Store of value
(B) Medium of exchange
(C) Standard of deferred payment
(D) Durability

Correct Answer: C

Explanation:

Since part of the payment is made later, money is acting as a standard of deferred payment.

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Question (9)

QN0031216

The discovery of Roman coins in Tamil Nadu mainly suggests:

(A) Absence of trade in ancient India
(B) Strong maritime trade connections
(C) Lack of coinage in India
(D) Use of only barter in South India

Correct Answer: B

Explanation:

Roman coins found in Tamil Nadu indicate strong maritime trade links between southern India and foreign regions.

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Question (10)

QN0031217

If one anna was equal to 1/16 of a rupee, how many annas made 3 rupees?

(A) 16
(B) 24
(C) 36
(D) 48

Correct Answer: D

Explanation:

1 rupee = 16 annas. Therefore, 3 rupees = 3 × 16 = 48 annas.

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Question (1)

In a barter economy, Riya has rice, Mohan has vegetables, and Sita has milk. Riya wants milk, Mohan wants rice, and Sita wants vegetables. How many exchanges are needed so that everyone gets what they want?

Explanation:

Link:

Question (2)

A farmer wants medicines, shoes, and a sweater but has only an ox. Which problem of the barter system is highlighted here?

Explanation:

Link:

Question (3)

Which of the following is NOT a function of money?

Explanation:

Link:

Question (4)

A person exchanges 12 kg of wheat for shoes and 8 kg for medicines. If he originally had 30 kg of wheat, how much wheat remains?

Explanation:

Link:

Question (5)

Which limitation of barter is faced when a person cannot exchange half an ox for a sweater?

Explanation:

Link:

Question (6)

In ancient India, coins made of silver and copper together are examples of:

Explanation:

Link:

Question (7)

A trader carries 500 metal coins while travelling long distances. Which development in money mainly solved this problem?

Explanation:

Link:

Question (8)

A shopkeeper sells goods worth ₹450. A customer pays ₹300 now and promises to pay ₹150 next week. Which function of money is involved?

Explanation:

Link:

Question (9)

The discovery of Roman coins in Tamil Nadu mainly suggests:

Explanation:

Link:

Question (10)

If one anna was equal to 1/16 of a rupee, how many annas made 3 rupees?

Explanation:

Link:

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