Samacheer Kalvi 8th Social Science – Economics Unit 1 Book Back Answers:

Samacheer Kalvi 8th Standard New Social Science Book Back 1 Mark and 2 Mark Question & Answers PDF uploaded and available below. Class 8 Social Science 2023 Book Back Question & Answer available for both English and Tamil Mediums. Class 8 Social Economics Book Unit 1 – Money, Savings, and Investments Answers Solutions are provided on this page. The 8th Std Social Science Economics Book Back One Mark and Two Mark Solutions are given below.

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Samacheer Kalvi 8th Social Science Book Back Solutions PDF:

8th Social Subject 1 Mark and 2 Mark Solutions PDFs are available below. Click the Download option to download the book back 1 Mark & 2 Mark questions and answers. Take the printout and use it for exam purposes. Samacheer Kalvi 8th Economics Unit 1 Answers are given below.

8th Economics Book Back Answers

Unit 1 – Money, Savings and Investments

I. Choose the correct answer

1. Which metals were used for metallic money?
(a) Gold
(b) Silver
(c) Bronze
(d) All the above
Answer:
(d) All the above

2. Who introduced the paper money?
(a) British
(b) Turkish
(c) The Mugual Empire
(d) Mauryas
Answer:
(a) British

3. The value of money is
(a) Internal value of money
(b) External value of money
(c) Both a & b
(d) None of these
Answer:
(c) Both a & b

4. Which is the Bank Money?
(a) Cheque
(b) Draft
(c) Credit and Debit cards
(d) All the above
Answer:
(a) Cheque

5. Pick out the incorrect one:
Investment can be made in different vehicles.
(a) Stock
(b) Bonds
(c) Mutual fund
(d) Pay tax
Answer:
(d) Pay tax

6. Who is responsible for the collection and publication of monetary and financial information?
(a) Finance Commission
(b) Finance Ministry
(c) Reserve Bank of India
(d) Auditor and Comptroller General of India
Answer:
(c) Reserve Bank of India

II. Fill in the Blanks

1. Online Banking is also known as ……………
2. ……………. is what money does.
3. The term of bank is derived from ……………. word.
4. Value of money is meant …………….. of money.
5. The Indian banking regulation act of ……………..

Answer:

1. Net Banking
2. Money
3. German
4. The purchasing power
5. 1949

III. Match the following

Answer:

1 – iv; 2 – v; 3 – ii; 4- iii; 5 – i

IV. Write the one-word answer

1. The word Money is derived from?
Answer:
The word money is derived from the Roman word ‘Moneta Juno’.

2. Which bank gives both short-term and long-term loans?
Answer:
Rural cooperative credit institutions.

V. Choose the correct statement

1. Barter system had many deficiencies like –
I. Lack of double coincidence of wants
II. No difficulties of storing wealth
III. Common measure of value
IV. Indivisibility of commodities

(a) I and II are correct
(b) I and IV are correct
(c) I, III, and IV are correct
(d) All are correct
Answer:
(c) I, III, and IV are correct

VI. Find out the odd one

1. Recent forms of money transactions are
(a) Credit card
(b) Barter system
(c) Debit card
(d) Online banking
Answer:
(b) Barter system

2. Effects of black money on the economy is
(a) Dual economy
(b) Undermining equity
(c) No effects on production
(d) Lavish consumption spending
Answer:
(c) No effects on production

VII. Write a short answer

1. What is the Barter System?
Answer:
A barter system is an old method of exchange. The barter system is exchanging goods for goods without the use of money in the primitive stage.

2. What are the recent forms of money?
Answer:
Plastic Money and E-money

3. Short note on E-Banking and E-Money.
Answer:
E-Banking: Electronic banking also known as National Electronic Funds Transfer (NEFT), is simply the use of electronic means to transfer funds directly from one account to another rather than by cheque or cash.
E-Money: Electronic Money is money that exists in banking computer systems and is available for transactions through the electronic system.

4. What are the essentials of Money in your life?
Answer:
Money is used as a source to fulfill basic needs as well as comforts in life. It gets people accommodation, clothes, food, and other things that add to luxury in life. It is an important source to live a healthy life too.

5. What is the Value of Money?
Answer:
Value of money is the purchasing power of money over goods & services in a country.

6. What are Savings and Investments?
Answer:
Black money is money earned through any illegal activity controlled by country regulations.

7. What is meant by Black Money?
Answer:
Black Money is money earned through any illegal activity controlled by country regulations.

8. What are the effects of black money on the economy?
Answer:

1. Dual economy
2. Tax evasion, thereby loss of revenue to the government.
3. Undermining equity

Widening the gap between the rich and poor

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