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SSC CGL Exam  >  SSC CGL Tests  >  SSC CGL Tier 2 - Study Material, Online Tests, Previous Year  >  Test: Money - SSC CGL MCQ

Test: Money - SSC CGL MCQ


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10 Questions MCQ Test SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - Test: Money

Test: Money for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The Test: Money questions and answers have been prepared according to the SSC CGL exam syllabus.The Test: Money MCQs are made for SSC CGL 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Money below.
Solutions of Test: Money questions in English are available as part of our SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL & Test: Money solutions in Hindi for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course. Download more important topics, notes, lectures and mock test series for SSC CGL Exam by signing up for free. Attempt Test: Money | 10 questions in 10 minutes | Mock test for SSC CGL preparation | Free important questions MCQ to study SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL Exam | Download free PDF with solutions
Test: Money - Question 1
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During the Barter System, why was the direct purchase of goods challenging?

Detailed Solution for Test: Money - Question 1
In the Barter System, the absence of a common unit of account made direct purchases challenging. The exchange could only occur if two parties had a double coincidence of wants, which was unlikely. A common unit of account is essential for effective transactions, and its absence hindered direct exchanges in the Barter System.
Test: Money - Question 2
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What is the primary function of money in modern economies?

Detailed Solution for Test: Money - Question 2
Money serves various functions in modern economies. It acts as a unit of account by providing a common measure for the value of goods and services. Additionally, it facilitates trade and financial growth, playing a crucial role in economic activities. Moreover, money serves as a store of value, allowing individuals to save wealth over time. Therefore, all of the options (A, B, and C) are correct.
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Test: Money - Question 3
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What was the primary limitation of Commodity Money that led to its replacement?

Detailed Solution for Test: Money - Question 3
Commodity Money, such as arrows and seashells, lacked a standard unit of account. This limitation made it challenging to measure the value of different commodities consistently. As a result, Commodity Money was eventually replaced by forms of money that provided a more standardized unit of account.
Test: Money - Question 4
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Which metals were commonly used in Metallic Money?
Detailed Solution for Test: Money - Question 4
Metals such as gold and silver were commonly used in Metallic Money. These metals were preferred for their ease of handling, quantifiability, and durability. The use of gold and silver as money persisted for a significant period in human history.
Test: Money - Question 5
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What marked a significant advancement in the evolution of money, allowing for easier transportation?
Detailed Solution for Test: Money - Question 5
The invention of Paper Money marked a significant advancement in the evolution of money. It addressed the inconvenience and danger associated with transporting gold and silver coins. Paper Money, regulated by central banks, became a widely used form of currency.
Test: Money - Question 6
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What is the primary characteristic of Plastic Money, such as credit and debit cards?
Detailed Solution for Test: Money - Question 6
The primary characteristic of Plastic Money, including credit and debit cards, is the elimination of the need to carry cash when conducting transactions. These cards provide a convenient and efficient alternative to physical currency.
Test: Money - Question 7
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Which property of money ensures that it can be easily carried and transported?
Detailed Solution for Test: Money - Question 7
The property of Portability ensures that money can be easily carried and transported. This characteristic is essential for the practical use of money in various transactions.
Test: Money - Question 8
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How does money serve as a measure of value?
Detailed Solution for Test: Money - Question 8
Money serves as a measure of value by acting as a unit of account. Each commodity has a monetary value that can be expressed in terms of money, allowing for a standardized comparison of the worth of different goods and services.
Test: Money - Question 9
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What advantage does money provide by increasing an economy's efficiency?
Detailed Solution for Test: Money - Question 9
Money increases an economy's efficiency by lowering transaction costs. When people can use money instead of bartering, it leads to a more specialized and efficient division of labor, contributing to overall economic efficiency.
Test: Money - Question 10
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What is the opportunity cost associated with keeping a specific cash balance?
Detailed Solution for Test: Money - Question 10
The opportunity cost associated with keeping a specific cash balance is the potential interest that could be earned on the money by putting it in a fixed deposit with a bank. This reflects the trade-off between holding cash and earning interest on the deposited amount.
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Important Questions for Money

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