From Barter to Money — Hard

Q1. Consider the following statements about the farmer's situation and 236: Statement I: After swapping his ox for several bags of wheat, the farmer can keep the leftover wheat safely at home for a long time. Statement II: The wheat may rot or be eaten by rats, so storage is itself a problem. Which of the above is/are correct?

• A. Only Statement I is correct.
• B. Only Statement II is correct.
• C. Both Statements I and II are correct.
• D. Neither Statement I nor Statement II is correct.

Q2. Assertion (A): Money came into existence as a common medium of exchange. Reason (R): The types of goods being exchanged through barter grew and the distances over which trade took place became longer. Choose the correct option

• A. Both A and R are true, and R is the correct explanation of A.
• B. Both A and R are true, but R is NOT the correct explanation of A.
• C. A is true, R is false.
• D. A is false, R is true.

Q3. On, the silver coin showing the tiger emblem belongs to which Indian dynasty, and to which period?

• A. Chalukyas of Kalyana, 850–1279 CE
• B. Cholas, 850–1279 CE
• C. Cholas, 600 BCE–1000 BCE
• D. Mauryas, 320–185 BCE

Q4. Arrange the following stages from the timeline (Fig. 11.10) in the correct chronological order, from earliest to latest: (i) Metal coinage (iron, silver, gold, copper) (ii) Barter (iii) UPI (iv) Official paper money in India

• A. (i) → (ii) → (iv) → (iii)
• B. (ii) → (i) → (iv) → (iii)
• C. (ii) → (iv) → (i) → (iii)
• D. (i) → (iv) → (ii) → (iii)

Q5. In ancient times the two sides of a coin had different symbols and motifs engraved on them. The 'head' side of a coin, which bears the principal design, is technically called

• A. The reverse
• B. The obverse
• C. The rūpa
• D. The pana

Q6. According to the 'Don't Miss Out' box the ancient word 'paṇa' has survived in Indian languages today. In which of the following pairs is the word-language match correct?

• A. paṇam — Tamil, Telugu and Malayalam; haṇa — Kannada
• B. rūpa — Tamil and Telugu; paṇa — Kannada and Malayalam
• C. haṇa — Tamil and Telugu; paṇa — Kannada only
• D. paṇam — Kannada; haṇa — Tamil, Telugu and Malayalam

Q7. Aarti's grandfather tells her that in 1947 he could buy a dozen bananas with one anna. Based which of the following is the CORRECT mathematical relation between anna and rupee at that time?

• A. 1 anna = 1/100 of a rupee
• B. 1 anna = 1/16 of a rupee
• C. 1 anna = 1/4 of a rupee
• D. 1 anna = 1 rupee

Q8. Consider the following statements about the Indian rupee symbol (₹), based Statement I: The ₹ sign was adopted by the Government of India in 2010 and was designed by Udaya Kumar of IIT Bombay. Statement II: The symbol is a mix of the Devanagari letter 'Ra' and the Roman letter 'R'. Statement III: The two parallel horizontal stripes at the top represent the national flag and the 'equal to' sign. Which of the above statements are correct?

• A. I and II only
• B. II and III only
• C. I and III only
• D. I, II and III

Q9. Fig. 11.15 shows the earliest paper currency in India. Which of the following statements about these notes is NOT correct?

• A. They include uniface notes of the Bank of Bengal.
• B. They include a Ten Rupee note from the Bank of Bombay.
• C. Their source is acknowledged as the Reserve Bank of India.
• D. They were issued by the Reserve Bank of India when it was set up in the late 18th century.

Q10. Based on the about denominations of Indian currency, which of the following lists is INCORRECT?

• A. Coins: 50 paisa, ₹1, ₹2, ₹5, ₹10, ₹20
• B. Paper notes: ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹1000
• C. Coins: ₹1, ₹2, ₹5, ₹10 only
• D. Paper notes are used for higher denominations than coins.

Q11. Krishnappa, who sells seasonal fruit on a cart. When a customer scans the QR code on his cart with a mobile phone, what BEST describes what happens, according to the chapter?

• A. Krishnappa receives a coin from his customer.
• B. The customer's barter item is delivered to Krishnappa later.
• C. The payment goes directly into Krishnappa's bank account.
• D. Krishnappa prints a paper note for the customer.

Q12. Consider the following statements about 'digital money' Statement I: Digital money is intangible and cannot be touched or felt. Statement II: Debit cards, credit cards, net banking and UPI are examples of digital payment methods. Statement III: Digital money replaces the rupee as the national currency. Which of the above statements are correct?

• A. I and II only
• B. II and III only
• C. I and III only
• D. I, II and III

Q13. Assertion (A): The chapter opens with John Maynard Keynes's quote: 'The importance of money flows from it being a link between the present and the future.' Reason (R): Money serves as a store of value and as a standard of deferred payment, allowing today's wealth to be used or repaid in the future. Choose the correct option

• A. Both A and R are true, and R is the correct explanation of A.
• B. Both A and R are true, but R is NOT the correct explanation of A.
• C. A is true, R is false.
• D. A is false, R is true.

Q14. Ravi and his friends start a 'book club' at school where they swap their old story books with each other — without using money. such a practice is BEST described as

• A. A modern banking system used by children.
• B. A surviving form of the barter system in everyday Indian life.
• C. Digital money for students.
• D. A type of deferred payment between students.

Q15. Match List I (form of early money) with List II (place where it was used): List I — List II (P) Rai stones — (1) Central Mexico (Q) Tajadero — (2) Solomon Islands (R) Tevau — (3) Yap Island, Micronesia Which of the following is the CORRECT matching?

• A. P–3, Q–1, R–2
• B. P–1, Q–2, R–3
• C. P–2, Q–3, R–1
• D. P–3, Q–2, R–1