The Evolution of the Payments System from Barter to Precious

Multiple Choice

The evolution of the payments system from barter to precious metals, then to fiat money, then to cheques can best be understood as a consequence of ________.

A) government regulations designed to improve the efficiency of the payments system
B) government regulations designed to promote the safety of the payments system
C) innovations that reduced the costs of exchanging goods and services
D) competition among firms to make it easier for customers to purchase their products