The Biggest Disadvantage of a Barter System Compared to One

question 79

Multiple Choice

The biggest disadvantage of a barter system compared to one that uses money is that

• A)it is difficult to find goods to trade in a barter system that satisfy the needs of society.
• B)a standardized unit of account cannot exist in a barter system.
• C)all commodities are difficult to transport and therefore inefficient for exchange.
• D)each trade requires a double coincidence of wants.
• E)commodities are difficult to use as a store of value.

Analyze the role of education in social reproduction and the maintenance of social inequalities.

Understand the contractual obligations and potential breaches within accountant-client relationships.

Recognize the regulatory environment governing accountants, including oversight bodies and legal liabilities under various securities acts.

Comprehend the professional standards and liabilities associated with negligence and professional conduct in accounting.

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Definitions:

Direct Materials Price

The cost of raw materials and components required to produce a finished product.

Quantity Variances

The difference between the expected and actual amount of materials or resources used in a production process, often in reference to budgeting and cost control.

Direct Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, often analyzed to manage and control production costs.

Time Variance

The difference between the planned amount of time to complete a project or task and the actual time taken.