The History and Evolution of Money
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Step 4 - Quiz
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1. What is the main problem with the barter system called the "Double Coincidence of Wants"?
A) Money is too heavy to carry
B) Both traders must want exactly what the other has — and that rarely happens
C) Gold is too rare to find
D) Paper money runs out too fast
2. Around 600 BCE, which civilization minted the world's FIRST standardized coins?
A) China
B) Egypt
C) Rome
D) Lydia (modern-day Turkey)
3. Which country invented paper money, and roughly when?
A) England, around 1600 CE
B) China, around 700–1000 CE
C) United States, around 1776 CE
D) Greece, around 400 BCE
4. What does it mean when money is called "FIAT" money?
A) It is made from a rare metal like gold or silver
B) It is backed by gold stored in a vault
C) It has value because the government says it does — not because of what it's made of
D) It is a type of cryptocurrency
Quiz Answer Key
1) B – Both traders must want exactly what the other has — and that rarely happens
2) D – Lydia (modern-day Turkey)
3) B – China, around 700–1000 CE
4) C – It has value because the government says it does — not because of what it's made of