View a FREE sample

This quiz consists of 5 multiple choice and 5 short answer questions through End of Book 1.

Multiple Choice Questions

1. What opens an even more extensive market to every sort of industry?
(a) Water-carriage.
(b) Improved inland transporation.
(c) Land-carriage.
(d) Faster horses.

2. What is the ultimate and real standard by which the value of all commodities can, at all times and places, be estimated and compared?
(a) Gold.
(b) Labor.
(c) Silver.
(d) Production.

3. How does an individual live within a civilized society?
(a) He is completely independent of other people.
(b) He needs the cooperation and assistance of only his friends.
(c) He needs the cooperation and assistance of many other people.
(d) His dependence or independence is entirely up to him.

4. According to the text, what does this saying describe: "Give me that which I want, and you shall have this which you want"?
(a) A fair trade.
(b) A business propostion.
(c) A mutual offer.
(d) A bargain.

5. What can be said for division of labor for all kinds of manufacturing?
(a) Machines replace many workmen who are moved to other jobs.
(b) The quality of products manufactured are improved greatly.
(c) Many individuals and processes come together to complete a product.
(d) Division of labor does not affect the quantity of products manufactured.

Short Answer Questions

1. What causes the difference between a philosopher and a street porter?

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

3. What does the text say about the difference of the natural talents in men?

4. What is the common instrument of commerce and exchanges in some parts of the coast of India?

5. To what price do all commodities gravitate?

(see the answer key)

This section contains 320 words (approx. 2 pages at 300 words per page) View a FREE sample