View a FREE sample

This quiz consists of 5 multiple choice and 5 short answer questions through Book 2, Chapter 3.

Multiple Choice Questions

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

2. What encourages every man to apply himself to an occupation and cultivate whatever talent he may possess for that particular business?
(a) The hope that his expertise will allow him to excel in even greater endeavors.
(b) The desire that the knowledge of his occupation will be passed down to his sons and grandsons.
(c) The knowledge that his productive life enriches the lives of others.
(d) The knowledge that his surplus of production can be exchanged for something he needs.

3. What is a person's revenue equal to?
(a) The stock that is put into reserve.
(b) The wages he is paid.
(c) The quantity of comsumable goods he can purchase.
(d) The money left over after buying his necessities.

4. What happens if the supply of a commodity is greater than the demand for it?
(a) The price drops.
(b) The merchant returns the goods.
(c) The commodity goes to waste.
(d) The price rises.

5. What is the intention of the fixed capital?
(a) To decrease the number of workmen needed.
(b) To decrease the overhead cost of manufacturing.
(c) To increase the productive powers of labour.
(d) To increase the speed of manufacturing.

Short Answer Questions

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

2. What kind of rent is paid by a farmer?

3. What was the original form of the metals used for commerce?

4. To what price do all commodities gravitate?

5. What is another name for paper money?

(see the answer key)

This section contains 280 words (approx. 1 page at 300 words per page) View a FREE sample