Money

Which of the following was NOT used as an early form of money?

• Gold

• Credit cards

• Bartering

• Cowrie shells

Why did early societies shift from the barter system to commodity money?

• Barter was faster and more efficient

• Commodity money was easier to produce

• Commodity money was required by law

• Barter had limitations like lack of standard value and difficulty in trading

Which of the following is the main function of money?

• As a tool to store information

• As a form of long-term investment

• As a medium of exchange

• As an essential consumer good

What was the purpose of the Bank of England when it was established in 1694?

• To issue banknotes and lend money to the government

• To control trade between England and other countries

• To provide loans to farmers and small businesses

• To collect taxes from citizens

Which country was the first to issue state-backed paper money?

• England

• China

• Sweden

• United States