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This quiz consists of 5 multiple choice and 5 short answer questions through Book 2, Chapter 3.

Multiple Choice Questions

1. What is the common instrument of commerce and exchanges in Virginia?
(a) Shells.
(b) Tobacco.
(c) Salt.
(d) Sugar.

2. What word expressed the weight or quantity of metal contained in the first coins?
(a) Denomination.
(b) Purity.
(c) Stamp.
(d) Fineness.

3. To what price do all commodities gravitate?
(a) The nominal price.
(b) The stated price.
(c) The natural price.
(d) The effectual price.

4. What regulates the price of every particular commodity?
(a) Labor and wages.
(b) Labor and profit.
(c) Profit and wages.
(d) Supply and demand.

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

Short Answer Questions

1. How did the idea of division of labor come about?

2. When was the Bank of England incorporated?

3. What is it called when gold purchases goods in one foreign country in order to supply the consumption of another?

4. What are the two kinds of labor?

5. In all countries, what do men prefer in exchange for commodities?

(see the answer key)

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