studies weekly 27

How did money become a medium of exchange?

• Money became a medium for exchange in ancient Egypt.

• The Egyptians melted metals into bars and shaped them.

• They used these bars as money.

• all of the above

Which of the following is an example of bartering?

• a farmer selling his chicken eggs at a local market

• a farmer trading his chicken eggs for some wheat

• a farmer buying new chickens for his farm

• a farmer buying new chickens and then selling their eggs

Why were the first coins made in the United States in the 1650s?

• Pirates stole all of the existing coins

• The government ran out of money, but they kept printing the paper money

• The king of England passed a law that stated the colonies must have their own money.

• The coins from England were running out, so colonists decided to make their own money

How did the printed government money called continentals become worthless?

• Pirates stole all of the existing coins

• The government ran out of money, but they kept printing the paper money.

• The king of England passed a law that stated the colonies must have their own money.

• The coins from England were running out, so colonists decided to make their own money.

When did all people in the United States begin to use the same coins and bills as a medium of exchange?

• 1650

• 1775

• 1861

• 1913

Which of the following is NOT a reason money is considered scarce?

• You can’t find money just anywhere

• Money is used to buy all goods and services in the United States

• Money is controlled and can’t be made or printed by anyone except the government

• Money is only minted in two cities in the United States.

Why can’t pictures of living people be printed on money?

• so that no person could mint coins as a sign of power

• so that no person could become famous by making money

• so that no person could print their own money

• so that the government can pick their favorite people to put on the money

In which country was paper money first used?

• In which country was paper money first used?

• Japan

• China

• Israel

According to the law, which of the following does NOT have to be on every U.S. coin?

• Liberty”

• “In God We Trust”

• “The Redcoats Are Coming”

• United States of America”

How is money recognizable, portable, divisible and durable? Give examples to support your response.