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This quiz consists of 5 multiple choice and 5 short answer questions through Book 3, Chapter 1.

Multiple Choice Questions

1. In the rude ages of society, what was the common instrument of commerce?
(a) Labor.
(b) Cattle.
(c) Food stuffs.
(d) Textiles.

2. What is a consequence of replacing gold money with paper money?
(a) It allows for increased wages.
(b) It allows for more buying power.
(c) It promotes a new industry.
(d) It costs less both to erect and to maintain.

3. What kind of revenue remains free to a country after deducting the expense of maintaining their fixed circulating capital?
(a) Production revenue.
(b) Gross revenue.
(c) Net revenue.
(d) Consumption revenue.

4. What was the original form of the metals used for commerce?
(a) Nuggets.
(b) Bars.
(c) Lumps.
(d) Coins.

5. What was the common instrument of commerce among the ancient Romans?
(a) Gold.
(b) Copper.
(c) Silver.
(d) Iron.

Short Answer Questions

1. When was the Bank of England incorporated?

2. What is true about the amount of metal coins which circulate in a society?

3. In seeking for employment to a capital, what is preferred to foreign commerce?

4. What comes before convenience?

5. What kind of rent is paid by a farmer?

(see the answer key)

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