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Test Your Knowledge
Earn 100 Diamonds for every perfect score!
Question 1:
What was one major disadvantage of the barter system?
A. Goods could be exchanged even if both parties didn’t need each other’s items.
B. It required a "double coincidence of wants," meaning both parties had to want what the other offered.
C. It allowed for standardized transactions with a common medium of exchange.
Question 2:
What is the primary difference between fiat money and gold-backed currencies?
A. Fiat money has intrinsic value, while gold-backed currencies do not.
B. Fiat money is backed by gold reserves, while gold-backed currencies are not.
C. Fiat money has no intrinsic value but is recognized as legal tender by governments.
Question 3:
What innovation did coins bring to trade?
A. They made transactions more difficult by requiring physical storage.
B. They standardized transactions and reduced the inefficiencies of barter.
C. They were less durable and not divisible.
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