|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through Book 2, Chapter 1.
Multiple Choice Questions
1. What can be said for division of labor for all kinds of manufacturing?
(a) Many individuals and processes come together to complete a product.
(b) Division of labor does not affect the quantity of products manufactured.
(c) Machines replace many workmen who are moved to other jobs.
(d) The quality of products manufactured are improved greatly.
2. In some measure, every man in a growing commercial society becomes what?
(a) A merchant.
(b) A farmer.
(c) A scholar.
(d) A tinker.
3. Which is not a reason for the increase of the quantity of work under division of labor?
(a) The invention of machines which enable one man to do the work of many.
(b) The increase of the workmen's dexterity.
(c) The employment of more workmen.
(d) Time efficiencies.
4. The ordinary or average rates of wages, profit, and rent may also be called what?
(a) The common rates.
(b) The derived rates.
(c) The commodity rates.
(d) The natural rates.
5. What regulates the price of every particular commodity?
(a) Profit and wages.
(b) Supply and demand.
(c) Labor and wages.
(d) Labor and profit.
Short Answer Questions
1. Commonly, why does man #1 help man #2?
2. To what price do all commodities gravitate?
3. What kind of capital is employed in raising, manufacturing, or purchasing goods, and selling them again with a profit?
4. What is the common instrument of commerce and exchanges in Virginia?
5. What does the text say about the difference of the natural talents in men?
This section contains 311 words
(approx. 2 pages at 300 words per page)