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This quiz consists of 5 multiple choice and 5 short answer questions through End of Book 4 & Book 5, Chapter 1.

Multiple Choice Questions

1. How does annual consumption compare to annual spending?
(a) They are nearly the same.
(b) More is consumed.
(c) More is spent.
(d) There is no correlation.

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

3. In seeking for employment to a capital, what is preferred to foreign commerce?
(a) Domestic manufacturers.
(b) Domestic merchandizing.
(c) Inland manufacturers.
(d) Inland merchandizing.

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

5. What is the common instrument of commerce and exchanges in some parts of the coast of India?
(a) Tobacco.
(b) Shells.
(c) Sugar.
(d) Salt.

Short Answer Questions

1. What determines the ordinary market price of land?

2. What kind of business does not lend itself to many subdivisions of labor?

3. In what country is the Ganges River?

4. Where is the wool of southern Scotland manufactured?

5. St. Thomas and Santa Cruz are the only new world countries ever possessed by which country?

(see the answer key)

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