Class 7 Exam > Class 7 Notes > Social Science Class 7 - New NCERT > Unit Test: From Barter to Money
Unit Test: From Barter to Money | Social Science Class 7 - New NCERT PDF Download
Attempt all questions. Time: 1 hour, M.M. 30
- Question numbers 1 to 5 carry 1 mark each.
- Question numbers 6 to 8 carry 2 marks each.
- Question numbers 9 to 11 carry 3 marks each.
- Question numbers 12 to 13 carry 5 marks each.
Q.1. The ancient Indian coins were called ________. (1 mark)
Q.2. Which of the following is a limitation of the barter system?(1 mark)
a) Universal acceptance
b) Double coincidence of wants
c) Standard of deferred payment
d) Store of value
Q.3. Which authority in India controls the issue of currency today? (1 mark)
a) State Bank of India
b) Reserve Bank of India
c) Ministry of Finance
d) Indian Mint
Q.4. The Junbeel Mela is held in ________ district of Assam. (1 mark)
Q.5. The ₹ symbol was designed by ________. (1 mark)
Q.6. How does money address the issue of portability in trade? (2 marks)
Q.7. What symbols were typically engraved on ancient Indian coins? (2 marks)
Q.8. Why is money considered a standard of deferred payment? (2 marks)
Q.9. How did the use of coinage enhance India’s maritime trade? (3 marks)
Q.10. Explain the socio-cultural significance of the Junbeel Mela. (3 marks)
Q.11. How do digital payment methods improve upon the barter system? (3 marks)
Q.12. Analyze the problems of the barter system that necessitated the invention of money. (5 marks)
Q.13. Evaluate the role of money’s evolution in shaping India’s trade and economy. (5 marks)
The document Unit Test: From Barter to Money | Social Science Class 7 - New NCERT is a part of the Class 7 Course Social Science Class 7 - New NCERT.
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FAQs on Unit Test: From Barter to Money - Social Science Class 7 - New NCERT
| 1. What is barter and how does it differ from money? |  |
Ans. Barter is a system of exchange where goods and services are traded directly for other goods and services without the use of money. The main difference between barter and money is that barter requires a double coincidence of wants, meaning both parties must have what the other wants at the same time. Money, on the other hand, serves as a medium of exchange, allowing transactions to occur without the need for direct exchanges of goods.
| 2. What are the limitations of the barter system? | |
Ans. The limitations of the barter system include the difficulty in finding a matching desire (double coincidence of wants), the lack of a common measure of value, and the challenges in storing wealth. Additionally, bartering can be inefficient for larger transactions or when dealing with diverse goods and services, as it may be hard to determine fair trade values.
| 3. How did money evolve from the barter system? | |
Ans. Money evolved from the barter system as societies recognized the limitations of direct trade. Early forms of money included commodity money, where items with intrinsic value, such as gold or silver, were used. Eventually, standardized coins and paper currency emerged, which facilitated easier and more efficient transactions by providing a common medium of exchange that was widely accepted.
| 4. What are the different forms of money that have existed throughout history? | |
Ans. Throughout history, various forms of money have existed, including commodity money (like gold, silver, and shells), representative money (which represents a claim on a commodity), and fiat money (which has no intrinsic value but is accepted by government decree). Modern forms of money also include digital currency and cryptocurrencies, which have emerged with advancements in technology.
| 5. Why is money considered a better medium of exchange compared to barter? | |
Ans. Money is considered a better medium of exchange compared to barter because it eliminates the need for a double coincidence of wants, simplifies transactions, and provides a standard measure of value. Additionally, money can be divided into smaller units, making it easier to conduct transactions of varying sizes, and it can be saved and stored for future use, enhancing economic stability and growth.
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