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Q.

Mention if the given statement is true or false:

Barter system is not efficient.

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a

True

b

False

answer is A.

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Detailed Solution

The given statement is true.
A barter system is the exchange of commodities for other commodities. The biggest drawback of the barter system was that it was inefficient. The double coincidence of wants, a situation where buyers and sellers must provide precisely what the other person needs, is not always present in every transaction. Thus, this system was eliminated with the introduction of money.

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Mention if the given statement is true or false:Barter system is not efficient.