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

2. 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?
(a) Gold.
(b) Silver.
(c) Labor.
(d) Gem stones.

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

4. The laborer is rich or poor, is well or ill rewarded, in proportion to what?
(a) The real price of his labor.
(b) The real price of his purchases.
(c) The nominal price of his purchases.
(d) The nominal price of his labor.

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

Short Answer Questions

1. What does the author consider to be a wasteful use of gold?

2. What is the real measure of the exchangeable value of all commodities?

3. Where are the separation of different trades and employments from one another generally found?

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

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

(see the answer key)

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