Mid-Book Test - Easy
|Name: _____________________________||Period: ___________________________|
This quiz consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. What encourages every man to apply himself to an occupation and cultivate whatever talent he may possess for that particular business?
(a) The knowledge that his surplus of production can be exchanged for something he needs.
(b) The knowledge that his productive life enriches the lives of others.
(c) The hope that his expertise will allow him to excel in even greater endeavors.
(d) The desire that the knowledge of his occupation will be passed down to his sons and grandsons.
2. Which country's inland navigation caused its early improvement?
3. How many times more goods on a broad-wheeled wagon can be carried from London to Edinburgh by water-carriage in the same amount of time?
4. What kind of demand brings a commodity to market?
(a) A proportionate demand.
(b) An absolute demand.
(c) An effectual demand.
(d) A natural demand.
5. Where are the separation of different trades and employments from one another generally found?
(a) In those countries which have yet to pursue industry and improvement.
(b) In those countries which have the least degree of industry and improvement.
(c) In those countries which enjoy the highest degree of industry and improvement.
(d) In those countries which are have completed their industry and improvement.
6. What kind of revenue is made from the interest on money?
(a) Laborless revenue.
(b) Renewable revenue.
(c) Derivative revenue.
(d) Taxable revenue.
7. How are the dispositions that form the difference of talents of various professions considered?
(a) They are considered a hindrance to progress.
(b) They are considered useful.
(c) They are considered inconsequential.
(d) They are considered obstacles to overcome.
8. 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 mutual offer.
(c) A business propostion.
(d) A bargain.
9. What was the original price, the first purchase cost, for all things?
(c) Exchange of goods.
10. What is capital?
(a) Stock traded for other goods.
(b) Stock which a man consumes.
(c) Stock reserved for future needs.
(d) Stock from which revenue is expected.
11. Under division of labor, what generally supplies a man's wants?
(a) The produce of other men's labor.
(b) The produce of society's labor.
(c) The produce of the country's labor.
(d) The produce of a man's own labor.
12. What does the author consider to be a wasteful use of gold?
(b) Gilding and plating.
(d) Picture frames.
13. What was the original form of the metals used for commerce?
14. By the nature of things, what must there be before the division of labor in a particular job?
(a) The acquistion of capital.
(b) The accumulation of stock.
(c) The distribution of goods.
(d) The training of workmen.
15. What is the nominal price of a commodity?
(a) The price of its raw materials.
(b) The net profit for the seller.
(c) The labor it took to produce it.
(d) The price asked for it.
Short Answer Questions
1. When was the Bank of England incorporated?
2. How are a philosopher and a street porter the same?
3. What becomes the common instrument of commerce when barter ceases?
4. How does an individual live within a civilized society?
5. What does the division of labor do for individual workmen?
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