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

Multiple Choice Questions

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

2. What word expressed the weight or quantity of metal contained in the first coins?
(a) Denomination.
(b) Fineness.
(c) Purity.
(d) Stamp.

3. What three ways do we obtain from one another the greater part of those mutual good offices which we stand in need of?
(a) By treaty, by barter, or by purchase.
(b) By labor, by barter , or by charity.
(c) By labor, by charity, or by ingenuity.
(d) By ingenuity, by treaty, or by purchase.

4. What does the division of labor do for individual workmen?
(a) It reduces every man's job to one simple operation.
(b) It gives each man more work to do.
(c) It teaches each man a new skill.
(d) It enables each man to work fewer hours.

5. How are the dispositions that form the difference of talents of various professions considered?
(a) They are considered useful.
(b) They are considered obstacles to overcome.
(c) They are considered a hindrance to progress.
(d) They are considered inconsequential.

Short Answer Questions

1. To what price do all commodities gravitate?

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

3. Which Mediterranean country seems to have been the first in which either agriculture or manufacturers were cultivated and improved to any considerable degree?

4. What reduced the value of gold and silver in Europe in the 16th century?

5. What happens when the demand of a commodity is larger than the supply?

(see the answer key)

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