Money as a Standard of Value: Definition & Overview

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The US dollar's value use to be based on the _____.

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1. What advantage does using money as a standard of value have over barter?

2. How is the US dollar's value determined today?

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About This Quiz & Worksheet

This worksheet/quiz combo will gauge how much you know about money as a standard of value. You'll be quizzed on key points like what the dollar used to be based upon and one benefit of the use of money instead of a barter system.

Quiz & Worksheet Goals

The following will be addressed:

  • Value of the U.S. dollar as it's determined today
  • Standard of living related to a salary increase
  • The year when the basis of the U.S. dollar fundamentally changed

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on money and its standard of value
  • Knowledge application - use your knowledge to answer questions about an advantage of money rather than a system of bartering and the way the value of the dollar is decided today
  • Information recall - access the knowledge you've gained regarding an increase in what a person makes per year and how that influences standard of living

Additional Learning

The lesson called Money as a Standard of Value: Definition & Overview will teach you more about the following:

  • Example for the use of money in our capitalist system
  • Defining a standard of value
  • Money as a store of value
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