Knowee
Questions
Features
Study Tools

paper money was first introduced in

Question

paper money was first introduced in

🧐 Not the exact question you are looking for?Go ask a question

Solution

Paper money was first introduced in China during the Tang Dynasty (618–907 AD). However, it did not become common until the Song Dynasty (960–1279 AD). The government would issue paper money known as "jiaozi" as a response to the shortage of copper coins. They were initially used by the merchants and wealthy individuals, but eventually, they were adopted for general use.

Similar Questions

Who was the first to propose the concept of a functioning money?a.IFRSb.IASc.FSABd.FASB

For much of U.S. history, citizens could exchange paper dollars for a certain amount of gold. This made paper money in the United States an example of:A.commodity money.B.fiat money.C.inflated money.D.representative money.

From what has been presented in class, one could accurately claim that money only came into use once there were capitalist economies/social systems.Group of answer choicesTrueFalse

The biggest demerit of having paper money as currency is that itA. brings inflation to the economy.B. causes deficit in balance of payment.C. adversely affects an agrarian economy.D. demotivates producers to produce goods and services.

Why do we accept paper money?Multiple choice question.Because the government backs it with something tangible like goldBecause the Bank of Canada will exchange it for goldBecause we are confident it will be exchangeable for goods and services when we spend itBecause it has intrinsic value

1/2

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.