Choose the given statement that is true/false.

The barter system had many difficulties.

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Detailed Solution

The above statement is true.
The double coincidence of wants is a primary feature of the barter system. In the barter system, one party agrees to sell his produce in exchange for the other party's produce. This is also called "commodity for commodity." This laid the foundation of trade in earlier times when there was no money. This was a complicated way of doing business because not everyone wanted the same thing simultaneously. This led to confusion and delays in economic activity, as it was a time-consuming process to find someone ready to trade the same commodities with each other. Also, in the barter system, there was a lack of a standard payment method.

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