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This quiz consists of 5 multiple choice and 5 short answer questions through End of Book 3 & Book 4, Chapter 1.

Multiple Choice Questions

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

2. How does division of labor affect the time required for the manufacturing process?
(a) It lengthens the overall time of production.
(b) It reduces the time for a product to be completed.
(c) It reduces the time between a workman's different tasks.
(d) It lengthens the time of production while producing a better product.

3. What was the original form of the metals used for commerce?
(a) Bars.
(b) Coins.
(c) Nuggets.
(d) Lumps.

4. What is true of both a farm and a retail trade?
(a) Each are a mobile business.
(b) Each are confined to a precise spot.
(c) Each must invest their fixed capital.
(d) Each are suspectible to interest rates.

5. What is the name of a species of farmers in France who succeeded the slave cultivators of ancient times?
(a) Milayers.
(b) Metayers.
(c) Mamtroers.
(d) Motrammers.

Short Answer Questions

1. In the rude ages of society, what was the common instrument of commerce?

2. By the nature of things, what must there be before the division of labor in a particular job?

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

4. What does the lender consider stock lent at an interest?

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

(see the answer key)

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