CBSE Class 7 Social Science From Barter to Money (Class 7 NCERT New) Quiz 7

1. What is barter?

A The use of money to buy goods B The exchange of goods and services without money C A form of modern currency D A system for saving money

2. What is one major limitation of the barter system?

A It is easy to use for international trade B It requires a double coincidence of wants C It is more efficient than using money D It simplifies the exchange of services

3. Which of the following is an example of a barter trade?

A A teacher paying for groceries with a credit card B A farmer exchanging corn for fish C A customer buying a car with a loan D A shopkeeper selling goods for cash

4. What is one of the main reasons money replaced barter?

A Money is difficult to counterfeit B Barter was outlawed in most countries C Money eliminates the need for a double coincidence of wants D Money is harder to divide into smaller amounts

5. Which of the following is NOT a characteristic of money?

A Durability B Divisibility C Double coincidence of wants D Portability

6. Why is scarcity an important characteristic of money?

A It ensures that money can be divided into smaller units B It makes sure that money remains valuable because it is limited in supply C It allows for the easy transportation of money D It ensures that money does not deteriorate over time

7. Which characteristic of money means it should last a long time and not wear out easily?

A Divisibility B Acceptability C Durability D Portability

8. Which of the following is considered an early form of money?

A Digital currency B Credit cards C Precious metals like gold and silver D Stock options

9. What problem does money solve that barter cannot?

A Double coincidence of wants B Store of wealth C Division of labor D The problem of scarcity

10. Which of the following is an example of an item losing value in a barter system over time?

A Gold B Corn C Diamonds D Iron tools