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

2. What is one characteristic of the Mediterranean Sea which made it favorable for infant navigation?
(a) Many harbors.
(b) No islands.
(c) No tides.
(d) Shallow water.

3. What does the division of labor do for a manufacturer?
(a) It increases the productive powers of labor.
(b) It complicates the productive powers of labor.
(c) It simplifies the productive powers of labor.
(d) It decreases the productive powers of labor.

4. What does the text say about the difference of the natural talents in men?
(a) That talent is natural and cannot be cultivated or improved.
(b) That they are so different as so never to be changeable.
(c) That they are not really that different.
(d) That all men have unique talents unto themselves.

5. Which country's inland navigation caused its early improvement?
(a) Turkey.
(b) Egypt.
(c) Greece.
(d) Italy.

Short Answer Questions

1. What is the actual price at which any commodity is commonly sold called?

2. What regulates the price of every particular commodity?

3. What is the only universal, only accurate measure of value, only standard by which we can compare the values of different commodities at all times and at all places?

4. What is the common instrument of commerce and exchanges in Virginia?

5. What kind of commodity must be sold quickly?

(see the answer key)

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