Sample of Possible Midterm Questions and Answers

Sample of Possible Midterm Questions and Answers -...

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Leslie-Ann Dennis SAMPLE QUESTIONS FOR MID-TERM IN “MONEY” 1) What are the main reasons for the evolution of a money economy? Bartering existed in small exchanges. If it is bigger, or does not have an equality of measurement, there needs to be a standard currency. Also, some items that were used for bartering were perishable. So, something durable and efficient needed to be used. 2) Why metals are more important for money exchanges than other commodities? Metal is better because of its durability, portability, divisibility, and scarcity (=value). 3) What is the origins of the 'dollar'? The world dollar is a derivative of the word “thaler”, which a currency used within Bohemia in the 16 th century. This word was part of a group of words used among various states, known as the Habsburg effect. 4) How come Shakespeare mentions “dollar: in the late 16th-early 17 th century before the birth of American colonies? Look up THM, page 115 and slides. Before the American colonies, the Spaniards had already conquered the West Indies and Mexico, found gold and silver mines, and used the terminology “dollar”. Also, this term was used within “Old World” before colonization of the Americas took place. 5) Why gold and silver coins were abandoned in favor of paper money? Gold and silver was hard to carry when there were lots of coins that amounted to small value each (heavy). They were also hard to mine and emperors diminished the actual value by create huge monuments to themselves with these metals (10K, 14K, 18K, 24K, etc. ). Eventually, people did not trust the value of the metals because they were not pure. Paper
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This note was uploaded on 12/11/2011 for the course SOC 1166 taught by Professor K during the Spring '11 term at Temple.

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Sample of Possible Midterm Questions and Answers -...

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