Final answer:
Countertrade is the exchange of goods and services in lieu of currency, using barter-like methods to overcome complex trade situations where direct cash transactions are not feasible or preferred.
Step-by-step explanation:
Countertrade is an alternative method of transacting business in which goods and services are exchanged without the use of currency. In a countertrade arrangement, rather than a buyer paying money to the seller, the buyer provides the seller with an equivalent value of goods or services. This approach can sometimes bypass various barriers or constraints on conventional currency-based trade. The correct answer to the question, 'Countertrade is the exchange of goods and services without:', is b. exchanging currency. Countertrade allows participants to engage in transactions that might otherwise be difficult in situations where currencies are not easily convertible, or where countries have limited foreign exchange reserves.
The practice of countertrade presents an understanding of how trade can occur without the necessity of money, which is illustrated through the concept of bartering. Bartering involves a direct exchange of goods and services, which in modern advanced economies, can be impractical due to the complexities of matching needs in a world with a high division of labor and numerous different goods and services. Countertrade can serve as a modern adaptation that sometimes plays a role in international trade agreements.