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This quiz consists of 5 multiple choice and 5 short answer questions through Book 1, Chapter 5.

Multiple Choice Questions

1. Originally, what did sailors fear?
(a) That islands moved around in the sea.
(b) That their compasses were inaccurate.
(c) Being out of sight of the shore.
(d) Navigating on a cloudy night.

2. What is the nominal price of a commodity?
(a) The net profit for the seller.
(b) The labor it took to produce it.
(c) The price of its raw materials.
(d) The price asked for it.

3. In what country is the Ganges River?
(a) Egypt.
(b) Italy.
(c) India.
(d) Bengal.

4. Which occupation requires a great town?
(a) Farmer.
(b) Butcher.
(c) Sailor.
(d) Poet.

5. What was the original price, the first purchase cost, for all things?
(a) Barter.
(b) Exchange of goods.
(c) Labor.
(d) Gold.

Short Answer Questions

1. Where are the separation of different trades and employments from one another generally found?

2. What was one problem with the use of rude metals?

3. In all countries, what do men prefer in exchange for commodities?

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

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

(see the answer key)

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