Choose the given statement is True/False

In modern times grains and cattle are used as money.

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True

False

answer is B.

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Detailed Solution

The given statement is not correct.
Numerous items were used as money before the invention of coinage. Indians, for instance, have utilised food and livestock as currency from ancient times. The usage of metallic coins followed, and this era lasted long into the previous century. The domestication of cattle and the beginning of crop cultivation about 9000–6000 BC led to the use of livestock and plant products as currency. However, the nature of agricultural production dictates that things take time to materialise. The farmer might need to make purchases he cannot afford to make immediately. As a result, the concept of debt and credit was developed, and a need to track it emerged.
The correct statement should be that grains and cattle were used as money in ancient times.

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