Quiz

From Barter to Money — Quiz

15 questions 15 min Apply concepts

Q1. A 'transaction' is defined as
- A. An agreement between a buyer and the government to fix prices.
- B. A free gift of goods to a friend without expecting anything in return.
- C. The exchange of one country's currency with another's.
- D. A piece of business that is done between people, especially an act of buying or selling.
Q2. A copper Tajadero that was used as a form of money. The word 'Tajadero' is Spanish for 'chopping knife'. The Tajadero was used in
- A. Pudukottai in southern India
- B. The Solomon Islands in the Pacific
- C. The Yap Island of Micronesia
- D. Central Mexico and parts of Central America by the Aztecs
Q3. Two villagers each want what the other has, yet the deal does not happen because they cannot agree in what proportion the goods should be exchanged. According to, this difficulty arises because barter lacks
- A. Double coincidence of wants
- B. Portability
- C. Divisibility
- D. A common standard measure of value
Q4. On the chapter notes that 'taking the ox everywhere is a problem.' This points to which limitation of the barter system?
- A. Divisibility
- B. Common standard measure of value
- C. Durability
- D. Portability
Q5. Priya reads the farmer's story and notes that to get shoes, a sweater and medicines, the farmer first swaps the ox for bags of wheat, then swaps wheat with three different people. The BEST way to describe what Priya has noticed is
- A. Barter solves wants in one quick exchange.
- B. The farmer's ox functions as a common measure of value.
- C. Money was already being used by the farmer.
- D. Barter often forces a person into a chain of several exchanges with different parties.
Q6. The Junbeel Mela in Assam begins with a special ritual called
- A. Bihu dance
- B. A community feast of rice cakes
- C. A boat race on the Brahmaputra
- D. Agni Puja, or worship of fire
Q7. At the Junbeel Mela, hill communities bring roots, herbs, spices and handmade goods from the forests. According to, what do they typically receive in exchange from people of the plains?
- A. Cowrie shells and salt
- B. Old clothes in return for new utensils
- C. Gold and silver coins
- D. Rice cakes and other foods that cannot be grown in the hills
Q8. Aarti's mother gives a bundle of old clothes to a door-to-door vendor and receives a steel bowl in return. such an exchange BEST illustrates that
- A. Barter has completely disappeared in modern India.
- B. The RBI permits households to issue informal currency.
- C. Barter still survives in everyday Indian life as a non-monetary exchange.
- D. Old clothes are accepted as legal tender by Indian shopkeepers.
Q9. As types of goods being exchanged grew and distances became longer, a common ____ would make trade easier, and so money came into existence. The blank is BEST filled by
- A. common denomination
- B. store of value
- C. standard of deferred payment
- D. medium of exchange
Q10. A shopkeeper says, 'A pencil costs ₹10 and a notebook costs ₹40, so a notebook is worth four pencils.' says money makes this kind of price comparison possible because it acts as a
- A. Store of value
- B. Medium of exchange only
- C. Standard of deferred payment
- D. Common denomination
Q11. An example: parents pay money to shopkeepers, shopkeepers use it to pay workers' salaries, and workers use it to buy essentials and pay school fees. This flow BEST shows that money is
- A. Useful only for buying food.
- B. Stored only by banks.
- C. A common medium that the whole economy accepts and circulates.
- D. Different from currency in everyday life.
Q12. Ancient Indian coins called kārṣhāpaṇas or paṇas had symbols punched on them called
- A. Tajaderos
- B. Obverses
- C. Cowries
- D. Rūpas
Q13. The coins of the Chalukyas of Kalyana had a Varaha image (avatar of Viṣhṇu) on one side and which design on the other side?
- A. A tiger emblem
- B. The head of a Roman king
- C. A decorated three-tiered parasol
- D. A Devanagari letter 'Ra'
Q14. Paper money was first used in China, and it was introduced in India in the
- A. Early 16th century
- B. Year 2016
- C. Mid 19th century
- D. Late 18th century
Q15. The letters 'QR' in QR code stand for
- A. Quick response
- B. Quality receipt
- C. Quoted rupee
- D. Quarterly record

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