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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) Machines replace many workmen who are moved to other jobs.
(b) Many individuals and processes come together to complete a product.
(c) The quality of products manufactured are improved greatly.
(d) Division of labor does not affect the quantity of products manufactured.

2. What is the common instrument of commerce and exchanges in some parts of the coast of India?
(a) Shells.
(b) Salt.
(c) Tobacco.
(d) Sugar.

3. How many general types of fixed capital are there?
(a) Two.
(b) Four.
(c) Five.
(d) Three.

4. Which country's inland navigation caused its early improvement?
(a) Italy.
(b) Greece.
(c) Turkey.
(d) Egypt.

5. How many general types of circulating capital are there?
(a) Four.
(b) Three.
(c) Five.
(d) Two.

Short Answer Questions

1. How are the dispositions that form the difference of talents of various professions considered?

2. What happens if the supply of a commodity is greater than the demand for it?

3. What does the division of labor do for a manufacturer?

4. Which is not a reason for the increase of the quantity of work under division of labor?

5. What is the nominal price of a commodity?

(see the answer key)

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