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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. When a government has borrowed a great deal of money, what is the justification for imposing new taxes?
(a) To refill the emptied treasury.
(b) To pay back the borrowed money.
(c) To run a government which has become more expensive.
(d) To pay the interest on the borrowed money.

2. Why are the silks of France better and cheaper than those of England?
(a) Because silk manufacturing is not as well suited to the climate of England as it is to that of France.
(b) Because silk manufacturing is not popular in England.
(c) Because France has an extreme surplus of silk manufacturers.
(d) Because there is little demand for English silk.

3. What happens if the supply of a commodity is greater than the demand for it?
(a) The merchant returns the goods.
(b) The price drops.
(c) The commodity goes to waste.
(d) The price rises.

4. What is the real measure of the exchangeable value of all commodities?
(a) Barter.
(b) Labor.
(c) Gold.
(d) Exchange of goods.

5. What is a consequence of replacing gold money with paper money?
(a) It allows for more buying power.
(b) It costs less both to erect and to maintain.
(c) It allows for increased wages.
(d) It promotes a new industry.

Short Answer Questions

1. What is a common characteristic for a workman under division of labor?

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

3. Under what circumstance would every man have to perform exactly the same duties and do exactly the same work?

4. What happens when the quantity of silver increases?

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

(see the answer key)

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