From Barter to Money Class 7 Fill in the Blanks
hardFrom Barter to Money Class 7 Fill in the Blanks
From Barter to Money Class 7 Fill in the Blanks
Question 1.
The ............ was one of the earliest forms of money used in ancient trade.
Answer:
cowrie shell
Question 2.
The problem of finding someone who wants what you have and has what you want is known as ............ .
Answer:
double coincidence of wants
Question 3.
Money acts as a ............ that can be used later for transactions.
Answer:
store of value
Question 4.
The ............ is the central authority that controls the issue of currency in India.
Answer:
Reserve Bank of India
Question 5.
The ............ is a modern form of money that allows for digital transactions.
Answer:
UPI (Unified Payments Interface).
From Barter to Money Class 7 True or False
Question 1.
The barter system allows for easy comparison of goods.
Answer:
False. The barter system does not allow for easy comparison of goods.
Question 2.
Money can be stored for future use.
Answer:
True.
Question 3.
Coins were made from paper in ancient times.
Answer:
False. Coins were made from metals in ancient times.
Question 4.
Digital money is a tangible form of currency.
Answer:
False. Digital money is an intangible form of currency.
From Barter to Money Class 7 Match the Following
Question 1.
Match the following terms with their definitions.
| Column A | Column B |
| 1. Barter | A. A medium of exchange |
| 2. Money | B. An economic concept |
| 3. Double coincidence of wants | C. Exchange of goods directly |
| 4. Durability | D. Ability to withstand damage |
Answer:
| Column A | Column B |
| 1. Barter | C. Exchange of goods directly |
| 2. Money | A. A medium of exchange |
| 3. Double coincidence of wants | B. An economic concept |
| 4. Durability | D. Ability to withstand damage |