(1 point)
1. the biggest problem when using metals (or cowry shells) for trading is
no one can agree on an exchange rate
large amounts become very heavy to carry around
they break over time
people cannot trust their value
2. the gold standard is__ (1 point)
paper currency based
no longer used by many countries
used by all countries today
based on measurements in pounds
3. when using metal as the exchange basis, two coins must have the same value if
(1 point)
they are the same weight but different metals
they are different weights but the same metals
they are different weights but different metals
they are the same weight and the same metal
4. if gold is currently trading at $800.00/oz. and you inherited a gold coin worth $1600.00, how much does
the coin weigh?
2 oz.
4 oz.
24 oz.
12 oz.