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This quiz consists of 5 multiple choice and 5 short answer questions through End of Book 4 & Book 5, Chapter 1.

Multiple Choice Questions

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

2. What are the two kinds of labor?
(a) Manual and mental.
(b) Wage earning and charitable.
(c) Professional and unskilled.
(d) Productive and unproductive.

3. What is the whole annual produce of the land and labor of every country used for?
(a) Consumption and revenue.
(b) Stock and commerce.
(c) Manufacture and trade.
(d) Tax and employment.

4. How did the idea of division of labor come about?
(a) It was an experiment which owners found to be advantageous.
(b) It was an accident which resulted in positive change.
(c) It was a consequence of the applied study of manufacturing.
(d) It was the propensity of human nature to truck, barter, and exchange one thing for another.

5. Which is not a reason for the increase of the quantity of work under division of labor?
(a) Time efficiencies.
(b) The invention of machines which enable one man to do the work of many.
(c) The employment of more workmen.
(d) The increase of the workmen's dexterity.

Short Answer Questions

1. Where do a farmer's or manufacturer's profits come from?

2. What was the common instrument of commerce among the ancient Romans?

3. What is the principal cause of the rapid progress of the American colonies?

4. Where should the capital of a manufacturer generally reside?

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

(see the answer key)

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