Which of the following is an example of a barter system?

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Borrowing 10,000 rupees from the money lender

Getting a bag of rice in exchange for a bag of pulses

Getting a bag of rice in exchange 600 rupees

None of the above

answer is B.

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Detailed Solution

Getting a bag of rice in exchange for a bag of pulses is an example of a barter system.
A "barter" is a transaction in which two or more parties exchange products or services without exchanging cash or other forms of payment like credit cards. In its simplest form, bartering entails the exchange of one party's good or service for another party's good or service. A straightforward idea underlies bartering: Two parties bargain to assess the relative worth of their goods and services, then offer them to one another in an equal trade. It predates the creation of actual hard cash and is the world's oldest form of trade.

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