|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through Book 2, Chapter 3.
Multiple Choice Questions
1. What word expressed the weight or quantity of metal contained in the first coins?
2. What kind of demand brings a commodity to market?
(a) A proportionate demand.
(b) A natural demand.
(c) An absolute demand.
(d) An effectual demand.
3. To what price do all commodities gravitate?
(a) The stated price.
(b) The natural price.
(c) The nominal price.
(d) The effectual price.
4. What was one problem with the use of rude metals?
(a) Mining them.
(b) Transporting them.
(c) Keeping them safe.
(d) Weighing them.
5. What causes the difference between a philosopher and a street porter?
(a) Habit, custom, and education.
(b) Birth, income, and upbringing.
(c) Natural talent and propensity.
(d) Opportunity, talent, and birth.
Short Answer Questions
1. The ordinary or average rates of wages, profit, and rent may also be called what?
2. What is another name for paper money?
3. Which commodity is more susceptible to price variations?
4. What is a consequence of replacing gold money with paper money?
5. What kind of rent is paid by a farmer?
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