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In ancient times wealth was measured and exchanged tangibly, in things that could be touched : food, tools, and precious metals and stones. Then the barter system was replaced by coins, which still had real value since they were pieces of rare metal. Coins were followed by 5 fiat money, paper notes that have value only because everyone agrees to accept them.
Today electronic monetary systems are gradually being introduced that will transform money into even less tangible forms, reducing it to 10 arrays or " bits and bytes " or units of computerized information, whizzing between machines at the speed of light. Already, electronic fund transfer allows money to be instantly sent and received by different banks, companies, and countries through computers and telecommunications devices.
Today electronic monetary systems are gradually being introduced that will transform money into even less tangible forms, reducing it to 10 arrays or " bits and bytes " or units of computerized information, whizzing between machines at the speed of light. Already, electronic fund transfer allows money to be instantly sent and received by different banks, companies, and countries through computers and telecommunications devices.
2. According to the passage, which of the following was the earliest kind of exchange of wealth?
3. The author mentions food, tools and precious metals and stones together because they are all
4. According to the passage, coins once had real value as currency because they
5. Which of the following statements about computerized monetary systems is NOT supported by the passage?
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Reading Comprehension TOEFL Exams
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