rtgreezz

05.05.2023 10:40 •  Английский язык

Make up 15 questions of different types to the text.
TEXT. MONEY. A Short History
Money, as we know it today, comes in two forms: coins and bills, also called currency. Coins are made from metal, and bills are made from paper. Sometimes bills are called paper money. But money also exists in another way in the form of bank deposits.
In earlier days, and even today in some isolated parts of the world, people developed a form of money that was called commodity money. This was the use of things that by themselves had some value or importance and could be used as a standard measure of exchange. For example, one cow might be worth twenty bags of rice or thirty chickens. Some examples of this kind of money are sea shells in New Guinea, rice in Japan, and iron bars in Nigeria.
Little by little people began to use precious metals as a convenient form of commodity money, and gold, silver, and copper eventually became the most commonly used metals. They were useful because they could be carried, they could be split into smaller sizes, and perhaps because of their beauty, they were acceptable as payment for something in many different places.
But there were disadvantages. They could be debased, and it was necessary to weigh the metal each time a transaction was made and people exchanged the precious metal for goods or services. The solution was to mint coins from the metal. To show and guarantee the value of the coin, symbols of national authority, such as the head of the king, were stamped on the coins. All of these early coins shared one feature – the value of the coin was based on the amount of precious metal that it contained.
During the seventeenth century, bank notes first came into use as currency, the beginning of an important development. At first the bank note was a promise to pay in coin, but the note itself had no actual value. The value of the note was tied to precious metal. This is no longer true, but until early in the twentieth century almost all currencies were tied to gold or silver.
Іn today’s world the major part of the world’s supply of money does not exist as coins and bills but only as numbers on the books of the world’s banks. For this reason, it is possible to say that most of the world’s money does not exist.