An Inquiry Into the Nature and Causes of the Wealth of Nations Test | Mid-Book Test - Easy

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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. 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) Silver.
(b) Gem stones.
(c) Gold.
(d) Labor.

2. In the rude ages of society, what was the common instrument of commerce?
(a) Food stuffs.
(b) Textiles.
(c) Labor.
(d) Cattle.

3. What happens when the demand of a commodity is larger than the supply?
(a) The price falls.
(b) More goods are brought in.
(c) The commodity is sold out.
(d) The price rises.

4. What is the ultimate and real standard by which the value of all commodities can, at all times and places, be estimated and compared?
(a) Labor.
(b) Silver.
(c) Gold.
(d) Production.

5. How does division of labor affect the time required for the manufacturing process?
(a) It lengthens the time of production while producing a better product.
(b) It reduces the time for a product to be completed.
(c) It reduces the time between a workman's different tasks.
(d) It lengthens the overall time of production.

6. Under what circumstance would every man have to perform exactly the same duties and do exactly the same work?
(a) If there were no manufacturers of commodities.
(b) If there were no organized society.
(c) If there were no truck, barter, and exchange.
(d) If there were no difference of talent.

7. What is a common characteristic for a workman under division of labor?
(a) Every workman has increased purchasing power.
(b) Every workman has the means to improve himself.
(c) Every workman produces more than he needs.
(d) Every workman is equal to every other workman.

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

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

10. What was one problem with the use of rude metals?
(a) Transporting them.
(b) Mining them.
(c) Keeping them safe.
(d) Weighing them.

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

12. What regulates the price of every particular commodity?
(a) Labor and profit.
(b) Profit and wages.
(c) Labor and wages.
(d) Supply and demand.

13. Why are new machines more likely to be invented under division of labor?
(a) Division of labor promotes speculation and new ideas to be tried.
(b) Men are more likely to discover more efficient methods of production when their entire focus is directed towards a single step of the process.
(c) New machines are required when labor has been divided.
(d) Men have more time to experiment with various options and potential improvements.

14. What limits the extent of the division of labor?
(a) The population.
(b) The workmen.
(c) The raw products.
(d) The market.

15. What does the author consider to be a wasteful use of gold?
(a) Picture frames.
(b) Flatware.
(c) Goblets.
(d) Gilding and plating.

Short Answer Questions

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

2. Commonly, why does man #1 help man #2?

3. What is the common instrument of commerce and exchanges in Virginia?

4. What is the real price of a thing a person wants?

5. What encourages every man to apply himself to an occupation and cultivate whatever talent he may possess for that particular business?

(see the answer keys)

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