An economy without monetary exchange is called
A) a primitive economy.
B) a barter economy.
C) a socialist economy.
D) an autarky economy.
E) a perfectly competitive economy.

Question

Quizplus · Accepted Answer

A barter economy is one where goods and services are exchanged directly without the use of money. This was the predominant form of economy in the past before the advent of money. A primitive economy is a term used to describe an economy that exists in underdeveloped societies that are not integrated into the global economy. A socialist economy is one where means of production are owned and controlled by the state. An autarky economy is one where a country tries to be self-sufficient without trading with other countries. A perfectly competitive economy is one where there are many buyers and sellers with perfect information and no barriers to entry or exit.

An Economy Without Monetary Exchange Is Called