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

Multiple Choice Questions

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

2. What is one consequence for society where the division of labor is practiced?
(a) Manufacturing is always growing.
(b) There is no unemployment.
(c) All men are capable of learning a new trade.
(d) Wealth is enjoyed by even the lowest classes of people.

3. What becomes the common instrument of commerce when barter ceases?
(a) Gem stones.
(b) Money.
(c) Gold.
(d) Silver.

4. How does an individual live within a civilized society?
(a) He is completely independent of other people.
(b) He needs the cooperation and assistance of only his friends.
(c) His dependence or independence is entirely up to him.
(d) He needs the cooperation and assistance of many other people.

5. What kind of revenue is made from the interest on money?
(a) Laborless revenue.
(b) Renewable revenue.
(c) Derivative revenue.
(d) Taxable revenue.

Short Answer Questions

1. What is one characteristic of the Mediterranean Sea which made it favorable for infant navigation?

2. Originally, what did sailors fear?

3. What are the three original sources of all revenue?

4. What happens when the demand of a commodity is larger than the supply?

5. In what country is the Ganges River?

(see the answer key)

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