Assume You Are Studying a Society That Has Just Invented

question 50

Multiple Choice

Assume you are studying a society that has just invented cities,has increasing specialization,and has just started using money to buy and sell goods and services.It is likely that the society is at which stage of sociocultural evolution?

• A)hunting and gathering
• B)horticultural and pastoral
• C)agrarian
• D)industrial

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Definitions:

Promissory Note

A financial instrument containing a written promise by one party to pay a certain sum of money to another party under specified conditions.

Revolving Line of Credit

A flexible loan arrangement which allows a borrower to use, repay, and re-borrow funds up to a certain credit limit.

Negotiability

The feature of a financial instrument that allows it to be transferred or assigned freely from one party to another.

Default

Failure to fulfill a legal obligation, especially failing to make a required payment on a loan or financial agreement.