THE EVOLUTION OF THE PAYMENTS SYSTEM FROM BARTER TO PRECIOUS METAL...

98) The evolution of the payments system from barter to precious metals, then to fiat money, then to

checks can best be understood as a consequence of

(a) government regulations designed to improve the efficiency of the payments system.

(b) competition among firms to make it easier for customers to purchase their products.

(c) innovations that reduced the costs of exchanging goods and services.

(d) all of the above.

(e) only (b) and (c) of the above.

Answer: C

Question Status: Previous Edition