Q1 C of 25 Page 131

Choose the correct answer:

International trade is carried on in terms of __________ (US Dollars / Pounds).


International trade is carried on in terms of US Dollars (US Dollars / Pounds).

Explanation: International trade is carried out in USD, as it is communally accepted currency by all the countries because US being the biggest economy, USD is powerful currency and retains its value. Also countries keep the foreign reserve of USD.


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1 A Explan

Choose the correct answer:

Certain metals like _________ (gold / iron) were used as a medium of exchange in ancient times.


 1

Choose the correct answer:

The Head Quarters of the RBI is at __________ (Chennai / Mumbai).


 1 D

Choose the correct answer:

The currency of Japan is YEN (Yen/ Yuan)


 2 A

Fill in the blanks

__________ System can be considered as the first form of trade.