View a FREE sample

This quiz consists of 5 multiple choice and 5 short answer questions through Book 5, Chapter 3.

Multiple Choice Questions

1. According to Homer, how much did the armor of Diomede cost?
(a) Ten oxen.
(b) Nine oxen.
(c) Eight oxen.
(d) Eleven oxen.

2. How did the idea of division of labor come about?
(a) It was the propensity of human nature to truck, barter, and exchange one thing for another.
(b) It was a consequence of the applied study of manufacturing.
(c) It was an experiment which owners found to be advantageous.
(d) It was an accident which resulted in positive change.

3. Which is not a reason for the increase of the quantity of work under division of labor?
(a) The increase of the workmen's dexterity.
(b) The employment of more workmen.
(c) The invention of machines which enable one man to do the work of many.
(d) Time efficiencies.

4. What is the only universal, only accurate measure of value, only standard by which we can compare the values of different commodities at all times and at all places?
(a) Gold.
(b) Silver.
(c) Gem stones.
(d) Labor.

5. To what price do all commodities gravitate?
(a) The effectual price.
(b) The natural price.
(c) The stated price.
(d) The nominal price.

Short Answer Questions

1. What does a man expect when he employs his stock as capital?

2. What is the real measure of the exchangeable value of all commodities?

3. What is the intention of the fixed capital?

4. What is the old subsidy rule?

5. What year was the Bank of England allowed to enlarge its capital stock?

(see the answer key)

This section contains 311 words (approx. 2 pages at 300 words per page) View a FREE sample