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JAMB Economics 1983 Question 39

Question 39

Money and Inflation

The monetary system that requires double co-incidence of wants is known as

  1. A.the gold standard
  2. B.barter
  3. C.the commodity system
  4. D.the gold exchange standard
  5. E.the cheque system.
Show the answer and explanation

Answer: B (barter)

Explanation

In barter, goods are exchanged directly, so each trader must want what the other has: a double coincidence of wants.