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NCERT Solutions for Class 12 Economics II Chapter 3 Money And Banking

by aglasem
August 4, 2020
in 12th Class
Reading Time: 1 min read
0

NCERT Solutions for Class 12 Economics II Chapter 3 Money And Banking – Here are all the NCERT solutions for Class 12 Economics I Chapter 3. This solution contains questions, answers, images, explanations of the complete chapter 3 titled Money And Banking taught in Class 12. If you are a student of Class 12 who is using NCERT Textbook to study Economics I, then you must come across chapter 3 Money And Banking. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete NCERT Solutions for Class 12 Economics I Chapter 3 Money And Banking.

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NCERT Solutions Class 12 Economics Chapter 3 Money And Banking

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Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Economics for Class 12 so that you can refer them as and when required. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions.

For a better understanding of this chapter, you should also see summary of Chapter 3 Money And Banking , Economics, Class 12.

Class 12
Subject Economics
Book Introductory Macroeconomics
Chapter Number 3
Chapter Name

Money And Banking

NCERT Solutions Class 12 Economics chapter 3 Money And Banking

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Class 12, Economics chapter 3, Money And Banking solutions are given below in PDF format. You can view them online or download PDF file for future use.

Money And Banking Download

NCERT Solutions for Class 12 Economics (Introductory Macroeconomics) Chapter 3 Money and Banking Download

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Question & Answer

Q.1: What is a barter system? What are its drawbacks?

Ans : Barter System Barter system refers to the exchange of goods for goods. e.g., If a person exchange wheat with rice. It is a barter system. Drawbacks of Barter system are as follows 1. Difficulty of Double Coincidence of Wants It is not necessary that goods in possession of two different individuals are needed by each other. 2. Lack of a Common Unit of Value It implies that the goods which are exchanged not measured in a common unit. 3. Lack of a System for Future Payments Evolution is difficult thus future payments would not be possible.

Q.2: What are the main functions of money? How does money overcome the shortcomings of a barter system?

Ans : The functions of money can be divided in two categories- 1. Primary or (Main functions) 2. Secondary functions I. The primary functions are of two types 1. Medium of Exchange It can be used to make payment for all transactions of goods and services. 2. Measure of Value It means that the value of each goods and services are measured in the monetary unit. II. Secondary functions are of three types 1. Deferred Payments Money is used to make the future payments. 2. Store of Value It implies store of wealth. 3. Transfer of Value Money is used as a convenient mode of transfer of value. The money over comes from the shortcomings of the barter system in a following manner (a) Use of money removed the difficulty of double coincidence of wants in the barter system. (b) Money facilitates storage of value. (c) Use of money removed the difficulty of division of commodity. (d) It removed the difficulty of medium of exchange. (e) Use of money removed the difficulty of deferred payments.

Q.3: What is transaction demand for money? How is it related to the value of transactions over a specified period of time?

Ans : The transaction motive relates to the demand for money to meet day-to-day transactions. According to Keynes, "Transaction demand for money is positively associated with the level of income, as higher the level of Income, larger would be the size of money holdings for transactions. The relationship between the value of transactions and transaction demand is \(\begin{aligned} M_{T}^{d} &=K T \\ \frac{1}{K} M_{T}^{d} &=T \\ V M_{T}^{d} &=T \\ V &=\frac{1}{K}, \text { represents velocity of circulation of money. } \end{aligned}\) \(\begin{aligned} \text { Here, } T &=\text { Total value of transactions of money. } \\ K &=\text { Positive fractions } \\ M_{T}^{d} &=\text { Stock of money hold by people } \end{aligned}\)

Q.4: What are the alternative definitions of money supply in India?

Ans : There are four alternative measures 01 money supply in India. These are known as MI, M2, M3 and M4 define as MI => Currency with public + Demand deposits + Other deposits with RBI M2 => MI + Saving with post office saving account M3 => MI + Net time deposits with banks M4 => M3 + Total deposits with post office (except NSC)

Q.5: What is a ‘legal tender’? What is ‘fiat money’?

Ans : Legal Tender Legal tender refers to the money which can be legally used to make payment of debts or other obligations. Fiat Money Fiat money refers to the money which is backed with order of the government under law. It must be accepted for all debts.

NCERT / CBSE Book for Class 12 Economics

You can download the NCERT Book for Class 12 Economics in PDF format for free. Otherwise you can also buy it easily online.

  • Click here for NCERT Book for Class 12 Economics
  • Click here to buy NCERT Book for Class 12 Economics

All NCERT Solutions Class 12

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You can also check out NCERT Solutions of other classes here. Click on the class number below to go to relevant NCERT Solutions of Class 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12.

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