Money and Its History

What is a requirement for something to be considered money?

• It must be made of metal like gold or silver.

• It must be a form of paper currency.

• It must be agreed upon by everyone for its value.

• It must be a bead made of shell.

What was one of the earliest forms of money used by Native Americans in North America?

• Paper currency

• Wampum made of shell

• Livestock like goats and cows

• Digital currency

Before the use of money, how did people in ancient civilizations acquire goods they needed or wanted?

• By finding items in nature

• By bartering or trading goods with others

• By using credit cards

• By writing promissory notes

What was the primary reason people invented money?

• To create valuable coins and paper

• To avoid bartering

• To collect different types of metals

• To make tools

Which kingdom is believed to be the first to manufacture coins?

• The Roman Empire

• The Greek Empire

• The kingdom of Lydia

• The Chinese Empire

What are the advantages and disadvantages of using money instead of bartering? Support your answer with evidence from the article.

In the 1900s, what change occurred regarding paper money?

• It was backed by gold and silver

• It was no longer used

• It became valuable on its own, not representing gold or silver

• It was replaced by electronic money

What is the jiaozi mentioned in the text?

• A type of metal coin

• The world's earliest paper money

• A bartering tool

• A Roman currency

How did the introduction of paper money revolutionize trade in ancient China?

• It made trade slower and more cumbersome.

• It allowed for larger transactions without the need for heavy coins.

• It was less trusted than metal coins, leading to a decline in trade.

• It had no significant impact on trade practices.

Why did ancient societies move away from bartering to using currency?

• Because currency could only be used in local transactions.

• Because bartering was more efficient for large transactions.

• Because currency provided a common value for goods, making trade easier.

• Because the use of currency was mandated by religious leaders.