158. Reading Skills Comprehension: Convention

Convention

CONVENTION

Read the passage and answer the following questions:-

Tell someone that you are going to a convention of accountants and you might get a few yawns, yet money and how it works is probably one of the most interesting things on earth.

It is fascinating and almost magical how money appeared on our planet. Unlike most developments we enjoy, which can be traced back to a source, civilization or inventor, money appeared in places then unconnected all over the world in a remarkably similar way.

Consider the American Indians using Wampum, West Africans trading in decorative metallic objects called Manillas and the Fijian economy based on whales teeth, some of which are still legal tender; add to that shells, amber, ivory, decorative feathers, cattle including oxen and pigs, a large number of stones including jade and quartz which have all been used for trade across the world, and we get a taste of the variety of accepted currency.

There is something charming and childlike imagining primitive societies, our ancestors, using all these colourful forms of money. As long as everyone concerned can agree on a value, this is a sensible thing for a community to do.

After all, the person who has what you need might not need what you have to trade. Money solves that problem neatly. The real value with each exchange, and everyone gains from the convenience. The idea is really inspired which might explain why so many diverse minds came up with it.

“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance,” said President James Madison.

Money, money, money, it’s always just been there, right? Wrong. Obviously, it’s issued by the government to make it easy for us to exchange things. Wrong again!

Truth is most people don’t realize that the issuing of money is essentially a private business and that the privilege of issuing money has been a major bone of contention throughout history.                                

(1) (a) What is fascinating and almost magical on our planet?                               

(b) Which currencies did the American Indians and West Africans use?             

 (c) What is something charming and childlike to imagine?                                   

 (d) What problem did the money solve?                                                                    

(2) (a) What is meant by the word, ‘ convention’? (Para 1)

(1) conference     (ii) fair   (iii) wave       (iv) competition                                           

 (b) What is meant by the word ‘fascinating’? (Para 2)

(i) beautiful   (ii) valuable    (iii) attractive          (iv) Republic                

 (c) What is meant by the word ‘intrigue’? (Para 6)

 (i) plot      (ii) interest        (iii) interval        (iv) fear                                           

 (d) What is meant by the word ‘convenience’? (Para 5)

 (1) comfort (ii) escape (iii) clown (iv) transport                                                 

Answers :

 (1) (a) The appearance of money is a fascinating and almost magical happening on the planet. Its simultaneous appearance in unconnected places is extraordinary.

(b) American Indians used Wampum as currency, while West Africans traded in decorative metallic objects called Manillas.

 (c) It is charming and childlike to imagine primitive societies, those of our ancestors, using colourful forms of money.

 (d) In the barter system, sometimes, one who has what you need might not need what you are willing to trade. Money solved this problem through real value with each exchange.

(2) (a) (i) conference (b) (iii) attractive (c) (i) plot (d) (i) comfort

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