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

Multiple Choice Questions

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

2. During the twelve years of the reign of Queen Anne, what was the highest interest rate which could be taken for borrowed money?
(a) 4%.
(b) 6%.
(c) 3%.
(d) 5%.

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

4. Who besides productive and unproductive laborers are all equally maintained by the annual produce of the land and labor of the country?
(a) Those who are not citizens of the country.
(b) Those who do not labor at all.
(c) Those who labor in another country.
(d) Those who labor only for themselves.

5. Labor measures the value of price which resolves itself into labor, rent, and what one other thing?
(a) Wages.
(b) Profit.
(c) Demand.
(d) Tax.

Short Answer Questions

1. What was the common instrument of commerce among the ancient Spartans?

2. What is one consequence for society where the division of labor is practiced?

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. Before the American Revolution, what monopoly did Britain hold in Maryland and Virginia?

5. What was the original price, the first purchase cost, for all things?

(see the answer key)

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