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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. How long would it take for a broad-wheeled wagon, attended by two men, and drawn by eight horses, to carry four tons of goods between London and Edinburgh?
(a) Four weeks.
(b) Seven weeks.
(c) Five weeks.
(d) Six weeks.

2. Commonly, why does man #1 help man #2?
(a) Because man #2 has agreed to pay man #1.
(b) Because man #1 sees man #2's genuine need for help.
(c) Because man #1 has a capacity for benevolence.
(d) Because man #1 derives personal benefit from helping man #2.

3. What three ways do we obtain from one another the greater part of those mutual good offices which we stand in need of?
(a) By labor, by barter , or by charity.
(b) By labor, by charity, or by ingenuity.
(c) By ingenuity, by treaty, or by purchase.
(d) By treaty, by barter, or by purchase.

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

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

Short Answer Questions

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

2. In the rude ages of society, what was the common instrument of commerce?

3. The laborer is rich or poor, is well or ill rewarded, in proportion to what?

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?

5. What is a common characteristic for a workman under division of labor?

(see the answer key)

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