New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    What does the term ‘Barter System’ refer to? 

    A Exchange of goods for other goods Correct Answer Incorrect Answer
    B Exchange of goods for coins Correct Answer Incorrect Answer
    C Exchange involving money Correct Answer Incorrect Answer
    D Exchange of goods for gold coins Correct Answer Incorrect Answer

    Solution

    The barter system is one of the earliest forms of trade, where goods or services are directly exchanged for other goods or services without using money as a medium. For instance, a farmer might exchange a certain quantity of grain for cloth or tools from a craftsman.

    Practice Next

    Relevant for Exams: