Read the following passage and mark the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

Money

The ancestor of the monetary system is of course the barter system. A farmer could trade his produce for the fish obtained by a fisherman or the cloth produced by a weaver. Even today the barter system tends to come back into style in places suffering from social breakdown, or as an informal sideline activity in more harmonious lands. However, trying to reach agreement over the relative value of different things tends to be time-consuming and vexing, and so societies tended to converge towards a common medium of exchange. Pacific islanders used shells; Aztecs used cacao beans, the main ingredient of chocolate. Livestock was common among herding cultures; slaves were sometimes used, too, but they were much harder to control than cattle and so not as popular; and many cultures used salt, including the Romans for a time- hence, the modern term "salary". Incidentally, after World War II cigarettes were used as a medium of exchange in many countries then in very poor condition, and it is said that in Italy “penny candy” was commonly used as “small change” even into the 1970s.

The medium that gradually gained widespread acceptance was precious metals such as gold and silver. Coins are said to have been invented by the Lydians, a people of Asia Minor, sometime after 640 BC. They used stamped ingots of "electrum", a naturally occurring amalgam of silver and gold. The scheme was refined by King Croesus, ruler of Lydia from 560 to 546 BCE, who introduced coins of true gold. He is still identified with wealth in the expression "rich as Croesus". The introduction of coinage was a great boon for traders, simplifying transactions and allowing them to be conducted more smoothly over long distances.

[1] Coinage also helped support far-flung empires; the Roman Empire was built on silver and gold coins, as well as military victories. As the empire expanded, the expenditures of the state led to the debasement of the coins, beginning with an act of the Emperor Nero in 64 A.D. By the end of his reign, the silver content of Roman coins had shrunk by 10%. [2] Other emperors followed his example, and over 200 years from the start of the process, the content shrank to 5%. The coins’ buying power fell accordingly.

[3] Coins are still with us, though they are now little more than tokens made of non-precious metals. [4] Few countries still use silver or gold coins as anything other than collector's items.

Which is the best place for the following sentence? “The United States gave up minting silver dollars in 1935, and in 1965 eliminated silver in American coins completely.”

A. [4]

B. [3]

C. [1]

D. [2]

Read the following passage and mark the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

Money

The ancestor of the monetary system is of course the barter system. A farmer could trade his produce for the fish obtained by a fisherman or the cloth produced by a weaver. Even today the barter system tends to come back into style in places suffering from social breakdown, or as an informal sideline activity in more harmonious lands. However, trying to reach agreement over the relative value of different things tends to be time-consuming and vexing, and so societies tended to converge towards a common medium of exchange. Pacific islanders used shells; Aztecs used cacao beans, the main ingredient of chocolate. Livestock was common among herding cultures; slaves were sometimes used, too, but they were much harder to control than cattle and so not as popular; and many cultures used salt, including the Romans for a time- hence, the modern term "salary". Incidentally, after World War II cigarettes were used as a medium of exchange in many countries then in very poor condition, and it is said that in Italy “penny candy” was commonly used as “small change” even into the 1970s.

The medium that gradually gained widespread acceptance was precious metals such as gold and silver. Coins are said to have been invented by the Lydians, a people of Asia Minor, sometime after 640 BC. They used stamped ingots of "electrum", a naturally occurring amalgam of silver and gold. The scheme was refined by King Croesus, ruler of Lydia from 560 to 546 BCE, who introduced coins of true gold. He is still identified with wealth in the expression "rich as Croesus". The introduction of coinage was a great boon for traders, simplifying transactions and allowing them to be conducted more smoothly over long distances.

[1] Coinage also helped support far-flung empires; the Roman Empire was built on silver and gold coins, as well as military victories. As the empire expanded, the expenditures of the state led to the debasement of the coins, beginning with an act of the Emperor Nero in 64 A.D. By the end of his reign, the silver content of Roman coins had shrunk by 10%. [2] Other emperors followed his example, and over 200 years from the start of the process, the content shrank to 5%. The coins’ buying power fell accordingly.

[3] Coins are still with us, though they are now little more than tokens made of non-precious metals. [4] Few countries still use silver or gold coins as anything other than collector's items.

The author uses Incidentally in paragraph 1 in order to show that the information that follows_________

A. is especially important 

B. explains an effect of previous information 

C. is not essential 

D. contradicts the previous information

Read the following passage and mark the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

Money

The ancestor of the monetary system is of course the barter system. A farmer could trade his produce for the fish obtained by a fisherman or the cloth produced by a weaver. Even today the barter system tends to come back into style in places suffering from social breakdown, or as an informal sideline activity in more harmonious lands. However, trying to reach agreement over the relative value of different things tends to be time-consuming and vexing, and so societies tended to converge towards a common medium of exchange. Pacific islanders used shells; Aztecs used cacao beans, the main ingredient of chocolate. Livestock was common among herding cultures; slaves were sometimes used, too, but they were much harder to control than cattle and so not as popular; and many cultures used salt, including the Romans for a time- hence, the modern term "salary". Incidentally, after World War II cigarettes were used as a medium of exchange in many countries then in very poor condition, and it is said that in Italy “penny candy” was commonly used as “small change” even into the 1970s.

The medium that gradually gained widespread acceptance was precious metals such as gold and silver. Coins are said to have been invented by the Lydians, a people of Asia Minor, sometime after 640 BC. They used stamped ingots of "electrum", a naturally occurring amalgam of silver and gold. The scheme was refined by King Croesus, ruler of Lydia from 560 to 546 BCE, who introduced coins of true gold. He is still identified with wealth in the expression "rich as Croesus". The introduction of coinage was a great boon for traders, simplifying transactions and allowing them to be conducted more smoothly over long distances.

[1] Coinage also helped support far-flung empires; the Roman Empire was built on silver and gold coins, as well as military victories. As the empire expanded, the expenditures of the state led to the debasement of the coins, beginning with an act of the Emperor Nero in 64 A.D. By the end of his reign, the silver content of Roman coins had shrunk by 10%. [2] Other emperors followed his example, and over 200 years from the start of the process, the content shrank to 5%. The coins’ buying power fell accordingly.

[3] Coins are still with us, though they are now little more than tokens made of non-precious metals. [4] Few countries still use silver or gold coins as anything other than collector's items.

It can be inferred from paragraph 3 that the debasement of a coin is________

A. making it in large numbers

B. putting less silver or gold in it

C. using it for state expenditures

D. lowering its value

Read the following passage and mark the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

Money

The ancestor of the monetary system is of course the barter system. A farmer could trade his produce for the fish obtained by a fisherman or the cloth produced by a weaver. Even today the barter system tends to come back into style in places suffering from social breakdown, or as an informal sideline activity in more harmonious lands. However, trying to reach agreement over the relative value of different things tends to be time-consuming and vexing, and so societies tended to converge towards a common medium of exchange. Pacific islanders used shells; Aztecs used cacao beans, the main ingredient of chocolate. Livestock was common among herding cultures; slaves were sometimes used, too, but they were much harder to control than cattle and so not as popular; and many cultures used salt, including the Romans for a time- hence, the modern term "salary". Incidentally, after World War II cigarettes were used as a medium of exchange in many countries then in very poor condition, and it is said that in Italy “penny candy” was commonly used as “small change” even into the 1970s.

The medium that gradually gained widespread acceptance was precious metals such as gold and silver. Coins are said to have been invented by the Lydians, a people of Asia Minor, sometime after 640 BC. They used stamped ingots of "electrum", a naturally occurring amalgam of silver and gold. The scheme was refined by King Croesus, ruler of Lydia from 560 to 546 BCE, who introduced coins of true gold. He is still identified with wealth in the expression "rich as Croesus". The introduction of coinage was a great boon for traders, simplifying transactions and allowing them to be conducted more smoothly over long distances.

[1] Coinage also helped support far-flung empires; the Roman Empire was built on silver and gold coins, as well as military victories. As the empire expanded, the expenditures of the state led to the debasement of the coins, beginning with an act of the Emperor Nero in 64 A.D. By the end of his reign, the silver content of Roman coins had shrunk by 10%. [2] Other emperors followed his example, and over 200 years from the start of the process, the content shrank to 5%. The coins’ buying power fell accordingly.

[3] Coins are still with us, though they are now little more than tokens made of non-precious metals. [4] Few countries still use silver or gold coins as anything other than collector's items.

According to the passage, all of the following are true of the Lydians EXCEPT that_________

A. They were ruled by King Croesus in the sixth century B.C

B. they are considered the inventors of coins

C. they made coins made of electrum

D. they were the first to use precious metals as money

Read the following passage and mark the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

Money

The ancestor of the monetary system is of course the barter system. A farmer could trade his produce for the fish obtained by a fisherman or the cloth produced by a weaver. Even today the barter system tends to come back into style in places suffering from social breakdown, or as an informal sideline activity in more harmonious lands. However, trying to reach agreement over the relative value of different things tends to be time-consuming and vexing, and so societies tended to converge towards a common medium of exchange. Pacific islanders used shells; Aztecs used cacao beans, the main ingredient of chocolate. Livestock was common among herding cultures; slaves were sometimes used, too, but they were much harder to control than cattle and so not as popular; and many cultures used salt, including the Romans for a time- hence, the modern term "salary". Incidentally, after World War II cigarettes were used as a medium of exchange in many countries then in very poor condition, and it is said that in Italy “penny candy” was commonly used as “small change” even into the 1970s.

The medium that gradually gained widespread acceptance was precious metals such as gold and silver. Coins are said to have been invented by the Lydians, a people of Asia Minor, sometime after 640 BC. They used stamped ingots of "electrum", a naturally occurring amalgam of silver and gold. The scheme was refined by King Croesus, ruler of Lydia from 560 to 546 BCE, who introduced coins of true gold. He is still identified with wealth in the expression "rich as Croesus". The introduction of coinage was a great boon for traders, simplifying transactions and allowing them to be conducted more smoothly over long distances.

[1] Coinage also helped support far-flung empires; the Roman Empire was built on silver and gold coins, as well as military victories. As the empire expanded, the expenditures of the state led to the debasement of the coins, beginning with an act of the Emperor Nero in 64 A.D. By the end of his reign, the silver content of Roman coins had shrunk by 10%. [2] Other emperors followed his example, and over 200 years from the start of the process, the content shrank to 5%. The coins’ buying power fell accordingly.

[3] Coins are still with us, though they are now little more than tokens made of non-precious metals. [4] Few countries still use silver or gold coins as anything other than collector's items.

Which of the following is NOT true of the barter system?

A. It was used before the invention of money

B. It involved trading one type of good for another

C. It was problematic because of disagreement over value

D. It has not been used since ancient times

Read the following passage and mark the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

Money

The ancestor of the monetary system is of course the barter system. A farmer could trade his produce for the fish obtained by a fisherman or the cloth produced by a weaver. Even today the barter system tends to come back into style in places suffering from social breakdown, or as an informal sideline activity in more harmonious lands. However, trying to reach agreement over the relative value of different things tends to be time-consuming and vexing, and so societies tended to converge towards a common medium of exchange. Pacific islanders used shells; Aztecs used cacao beans, the main ingredient of chocolate. Livestock was common among herding cultures; slaves were sometimes used, too, but they were much harder to control than cattle and so not as popular; and many cultures used salt, including the Romans for a time- hence, the modern term "salary". Incidentally, after World War II cigarettes were used as a medium of exchange in many countries then in very poor condition, and it is said that in Italy “penny candy” was commonly used as “small change” even into the 1970s.

The medium that gradually gained widespread acceptance was precious metals such as gold and silver. Coins are said to have been invented by the Lydians, a people of Asia Minor, sometime after 640 BC. They used stamped ingots of "electrum", a naturally occurring amalgam of silver and gold. The scheme was refined by King Croesus, ruler of Lydia from 560 to 546 BCE, who introduced coins of true gold. He is still identified with wealth in the expression "rich as Croesus". The introduction of coinage was a great boon for traders, simplifying transactions and allowing them to be conducted more smoothly over long distances.

[1] Coinage also helped support far-flung empires; the Roman Empire was built on silver and gold coins, as well as military victories. As the empire expanded, the expenditures of the state led to the debasement of the coins, beginning with an act of the Emperor Nero in 64 A.D. By the end of his reign, the silver content of Roman coins had shrunk by 10%. [2] Other emperors followed his example, and over 200 years from the start of the process, the content shrank to 5%. The coins’ buying power fell accordingly.

[3] Coins are still with us, though they are now little more than tokens made of non-precious metals. [4] Few countries still use silver or gold coins as anything other than collector's items.

The word vexing in paragraph 1 is closest in meaning to_______

A. lengthy 

B. simple 

C. troublesome

D. familiar

Read the following passage and mark the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

Money

The ancestor of the monetary system is of course the barter system. A farmer could trade his produce for the fish obtained by a fisherman or the cloth produced by a weaver. Even today the barter system tends to come back into style in places suffering from social breakdown, or as an informal sideline activity in more harmonious lands. However, trying to reach agreement over the relative value of different things tends to be time-consuming and vexing, and so societies tended to converge towards a common medium of exchange. Pacific islanders used shells; Aztecs used cacao beans, the main ingredient of chocolate. Livestock was common among herding cultures; slaves were sometimes used, too, but they were much harder to control than cattle and so not as popular; and many cultures used salt, including the Romans for a time- hence, the modern term "salary". Incidentally, after World War II cigarettes were used as a medium of exchange in many countries then in very poor condition, and it is said that in Italy “penny candy” was commonly used as “small change” even into the 1970s.

The medium that gradually gained widespread acceptance was precious metals such as gold and silver. Coins are said to have been invented by the Lydians, a people of Asia Minor, sometime after 640 BC. They used stamped ingots of "electrum", a naturally occurring amalgam of silver and gold. The scheme was refined by King Croesus, ruler of Lydia from 560 to 546 BCE, who introduced coins of true gold. He is still identified with wealth in the expression "rich as Croesus". The introduction of coinage was a great boon for traders, simplifying transactions and allowing them to be conducted more smoothly over long distances.

[1] Coinage also helped support far-flung empires; the Roman Empire was built on silver and gold coins, as well as military victories. As the empire expanded, the expenditures of the state led to the debasement of the coins, beginning with an act of the Emperor Nero in 64 A.D. By the end of his reign, the silver content of Roman coins had shrunk by 10%. [2] Other emperors followed his example, and over 200 years from the start of the process, the content shrank to 5%. The coins’ buying power fell accordingly.

[3] Coins are still with us, though they are now little more than tokens made of non-precious metals. [4] Few countries still use silver or gold coins as anything other than collector's items.

Which of the following is NOT true of coins?

A. They contributed to the building of the Roman Empire 

B. They allowed trade to be conducted more simply 

C. They were invented in Asia Minor 

D. They were always made of gold in ancient times