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If a housewife has meat and wants tomatoes, she must find someone who has tomatoes...

Economics
JAMB 2022

If a housewife has meat and wants tomatoes, she must find someone who has tomatoes to give and wants meat. This concept is described as

  • A. scale of preference
  • B. opportunity cost
  • C. complementary demand
  • D. double coincidence of wants
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Correct Answer: Option D
Explanation

Double coincidence of wants simply mean searching for those who need what you have and at the same time has what you need. It is a major barrier to barter trade.


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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts