Economics: Reading Quiz #6 : 8 points 1. In the book the Wealth of Nations by Adam Smith, he illustrated the principles of _________ and ________ by describing a pin factory. A. scarcity/tradeoffs B. specialization/division of labor C. opportunity costs/advantages D. barter/exchange 2. People trade in a market economy because it is in their: A. mutual interest. B. duty to the government. C. duty to the global economy. D. only way to obtain products and goods.

3. _________ is a medium of exchange that can be traded for goods or services or used to pay debts. A. transfer payments B. money C. certificates of exchange D. none of the above 4.The framers of the Constitution encouraged the growth of a national market by giving Congress alone the power to regulate interstate commerce through the: A. 1 st Amendment B. 10 th Amendment C. Commerce Clause D. Elastic Clause