Choose the given statement is true/false:

In ancient times, trade activity was called the barter system.

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True

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answer is A.

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Detailed Solution

The above statement is true.
In ancient times, trade activity was called the barter system is a true statement. A barter system is different from trading activities prevailing in modern times. The barter system involves exchanging of goods. Money was not invented at that time. A major challenge to this system was that the other person selling his products should have the product the seller wanted. It was difficult to find the condition in which both parties accepted each other's deal. For example- if a farmer wants to buy shoes, then he has to contact the shoemaker. If the shoemaker wants rice or wheat, he will only sell shoes.

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