Unit 12 lesson 2: From Barter to Bitcoin Wrap-up

Refer to the article “From Barter to Bitcoin” in your Money, Money, Money magazine for a complete version of this text.

Based on the information in “From Barter to Bitcoin,” one can conclude that when it became inefficient to fulfill their needs and wants through trade, people began using currency.

Which detail from the text best supports this conclusion?

• “As cities blossomed and farming progressed, the barter economy no longer worked so well.”

• “People started growing crops and raising animals such as goats and pigs.”

• “The original currency was probably a measure of grain, such as a bushel of wheat or barley.”

• “The toolmaker can then use that money to buy new boots directly from the shoemaker.”

Refer to the article “From Barter to Bitcoin” in your Money, Money, Money magazine for a complete version of this text.

Based on the information in “From Barter to Bitcoin,” one can conclude that paper currency was introduced as a more convenient form of currency than coins.

Which detail from the text best supports this conclusion?

• “Instead of a huge shipment of coins, a paper voucher could guarantee future payment for business conducted over great distances.”

• “Much later, Chinese traders used copper coins with holes in the center for carrying them on a string.”

• “The florin made it much easier for European countries to trade with each other.”

• “Even the earliest Chinese paper money carried stamped seals designed to prevent counterfeiting.”

Refer to the article “From Barter to Bitcoin” in your Money, Money, Money magazine for a complete version of this text.

Based on the information in “From Barter to Bitcoin,” one can conclude that the cost of bitcoin makes it unlikely to be a form of currency used by young people any time soon.

Which detail from the text best supports this conclusion?

• “In mid-2018, one bitcoin was worth $6,100.”

• “Buyers and sellers use it to make transactions online."

• “Bitcoin is the most widely used cryptocurrency today.”

• “It first appeared in 2009.”

Refer to the timeline in “From Barter to Bitcoin.”

Based on the information in the timeline, farming spreads as people settle in villages.

What happens as a result of this?

• Coins are introduced as a way to pay bills.

• Trade among people creates a need for currency. 

• Special tools are invented to create currency.

• Paper money takes the place of metal coins.

Refer to the timeline in “From Barter to Bitcoin.”

Based on the information in the timeline, Europeans start using banknotes.

What happens next?

• The United States introduces its first national currency with the paper “greenback.”

• The Chinese follow by producing their own paper currency.

• European governments begin printing and backing their own banknotes.

• European governments stop using coins and only rely on paper money.

Refer to the time line in “From Barter to Bitcoin.”

Based on the information in the time line, how long after computerized banking was introduced did online banking become popular with the public?

• 40 years

• 20 years

• 10 years

• 30 years

Refer to the article “From Barter to Bitcoin” in your Money, Money, Money magazine for a complete version of this text.

Which statements best describe how the author uses more than one structure to present information in “From Barter to Bitcoin”?

Select the two correct answers.

• Problem-and-solution structure is used to explain why debit cards are most popular today.

• The author contrasts different types of early money to show how some countries were more advanced than others.

• The author uses comparison to show how the value of bitcoin can vary wildly.

• A chronological structure is used to trace the evolution of currency from past to present.

Refer to the article “From Barter to Bitcoin” in your Money, Money, Money magazine for a complete version of this text.

Which statements best describe how the author uses more than one structure to present information in “From Barter to Bitcoin”?

Select the two correct answers.

• The author uses chronology to explain the long history of money.

• The author presents problems with modern currencies and describes how new currencies could be introduced as solutions.

• The text compares the quality of different types of banking systems.

• A comparison of different currencies is used to demonstrate how the value of money is different across countries.

Refer to the article “From Barter to Bitcoin” in your Money, Money, Money magazine for a complete version of this text.

Which statements best describe how the author uses more than one structure to present information in “From Barter to Bitcoin”?

Select the two correct answers.

• The author explains causes for the fluctuation of the value of money and describes how these changes affect people.

• The author describes why modern forms of money are more convenient for people to use. 

• The text uses comparison to show how different countries save and spend currency. 

• The text uses chronology to explain how the use of currency has changed since it was first introduced.

Refer to the article “From Barter to Bitcoin” in your Money, Money, Money magazine for a complete version of this text.

Which detail from the text best explains why many people are wary of using bitcoin?

• Its value changes frequently and dramatically.

• It has only been in use since 2009.

• It is only one of more than 3,000 cryptocurrencies.

• Its form is digital, so it does not seem real.