A double coincidence of wants A. is required when there is no item in an economy...
A double coincidence of wants
- A. is required when there is no item in an economy that is widely accepted in exchange for goods and services
- B. is required in an economy that relies on barter
- C. is a hindrance to the allocation of resources when it is required for trade
- D. All of the above are correct
Homework Answers
A Double coincidence of wants is Required in an economy in which there is no money or an item that is widely accepted in exchange for goods and services. Double coincidence of wants a phenomenon which is a typical characteristic of the Barter system. Double coincidence of wants means that two person involved in trade possess the items the other wants so that the trade could take place without money. Due to this problem of double coincidence of wants the actual amount of trade in the economy is less than the potential amount of trade which could take place with money in the economy. So it is a hindrance to the allocation of resources when it is required for trade.
Hence, all the given options are correct
Therefore, option D is correct.
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