In the barter system, a person who had rice and wanted cloth could trade only if he found someone who had cloth and wanted rice. This difficulty is known as:

Lack of double coincidence of wants

Lack of a common measure of value

Three of the following are functions of money, while one is a problem that money removed. Which is the odd one out?

Lack of double coincidence of wants

Unit of account (measure of value)

Chapter testEconomicsIncluded in the seriesTest 20 of 40

Bihar Board Class 12 Arts Economics · Ch 3: Money and Banking

Bihar Board Class 12 Arts Economics · Ch 3: Money and Banking is an online chapter test in the Bihar Board Class 12 Arts pattern, covering Money and Banking. Attempt it on SeatBeat with a timer like the real exam, then see a detailed solution for every question and your score and weak-topic analysis.

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Negative marking

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Topics in this test

Topic	Subject	Questions
Money and Banking	Economics	30

Difficulty: 6 medium · 24 hard

Money and Banking MCQ questions with answers

The first 3 of 30 questions. Unlock the series for the rest, each with a solution.

Q1. In the barter system, a person who had rice and wanted cloth could trade only if he found someone who had cloth and wanted rice. This difficulty is known as:
वस्तु-विनिमय प्रणाली में, जिस व्यक्ति के पास चावल था और जिसे कपड़ा चाहिए था, वह तभी व्यापार कर सकता था जब उसे ऐसा कोई व्यक्ति मिले जिसके पास कपड़ा हो और जिसे चावल चाहिए हो। इस कठिनाई को क्या कहा जाता है:
- A. Lack of store of value / मूल्य के संचय का अभाव
- B. Lack of divisibility of goods / वस्तुओं की विभाज्यता का अभाव
- C. Lack of a common measure of value / मूल्य के एक सामान्य माप का अभाव
- D. Lack of double coincidence of wants / आवश्यकताओं के दोहरे संयोग का अभाव
Solution
Barter required that both persons want each other's goods at the same time — called the 'double coincidence of wants'. Money removed this problem.
वस्तु-विनिमय के लिए आवश्यक था कि दोनों व्यक्ति एक ही समय में एक-दूसरे की वस्तुएँ चाहें — इसे 'आवश्यकताओं का दोहरा संयोग' कहा जाता है। मुद्रा ने इस समस्या को दूर किया।
Q2. A worker takes goods today but agrees to pay for them after one month in money. Which function of money is being used here?
एक श्रमिक आज वस्तुएँ लेता है परंतु उनके लिए एक महीने बाद मुद्रा में भुगतान करने पर सहमत होता है। यहाँ मुद्रा के किस कार्य का उपयोग किया जा रहा है?
- A. Standard of deferred payment / स्थगित भुगतान का मानक
- B. Medium of exchange / विनिमय का माध्यम
- C. Measure of value / मूल्य का माप
- D. Store of value / मूल्य का संचय
Solution
When payments are postponed to a future date and settled in money, money is acting as the 'standard of deferred payment'.
जब भुगतान किसी भावी तिथि तक टाल दिए जाते हैं और मुद्रा में चुकाए जाते हैं, तो मुद्रा 'स्थगित भुगतान के मानक' के रूप में कार्य कर रही होती है।
Q3. Three of the following are functions of money, while one is a problem that money removed. Which is the odd one out?
निम्नलिखित में से तीन मुद्रा के कार्य हैं, जबकि एक वह समस्या है जिसे मुद्रा ने दूर किया। इनमें से असंगत कौन-सा है?
- A. Lack of double coincidence of wants / आवश्यकताओं के दोहरे संयोग का अभाव
- B. Unit of account (measure of value) / लेखे की इकाई (मूल्य का माप)
- C. Store of value / मूल्य का संचय
- D. Medium of exchange / विनिमय का माध्यम
Solution
Medium of exchange, store of value and unit of account are functions of money. 'Lack of double coincidence of wants' was a defect of the barter system that money solved.
विनिमय का माध्यम, मूल्य का संचय और लेखे की इकाई मुद्रा के कार्य हैं। 'आवश्यकताओं के दोहरे संयोग का अभाव' वस्तु-विनिमय प्रणाली का एक दोष था जिसे मुद्रा ने हल किया।

Frequently asked questions

How many questions are in the Bihar Board Class 12 Arts Economics · Ch 3: Money and Banking?

30 questions for 30 marks, to be answered in 20 minutes.

Is there negative marking in the Bihar Board Class 12 Arts Economics · Ch 3: Money and Banking?

No — wrong answers are not penalised in this test.

Which topics does the Bihar Board Class 12 Arts Economics · Ch 3: Money and Banking cover?

Money and Banking (30 questions).

Is the Bihar Board Class 12 Arts Economics · Ch 3: Money and Banking free?

It is part of the BSEB Class 12 Arts Test Series 2027 — Chapter-wise + Full Tests (40 tests, ₹149). You can first try Hindi · Ch 1: Chandradhar Sharma Guleri for free.

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