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Q.

Choose that the given statement is true/false:


A system where goods are exchanged for other goods is called a monetary system.


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a

True

b

False 

answer is B.

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Detailed Solution

The above statement is false.
We call it a barter exchange system when people exchange goods for other goods. In a barter economy, people have to sell their products or services in exchange for other goods and services they require. In India, the barter trade system was used before the introduction of money. The typical commodities used in business were grains, sugarcane, etc.
The correct statement should be that a system where goods are exchanged for other goods is called a barter system.
  
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