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

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

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

3. What opens an even more extensive market to every sort of industry?
(a) Land-carriage.
(b) Improved inland transporation.
(c) Faster horses.
(d) Water-carriage.

4. Which commodity is more susceptible to price variations?
(a) Gold.
(b) Corn.
(c) Wool.
(d) Linen.

5. What is the real measure of the exchangeable value of all commodities?
(a) Labor.
(b) Gold.
(c) Barter.
(d) Exchange of goods.

Short Answer Questions

1. What kind of business does not lend itself to many subdivisions of labor?

2. 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?

3. What does the author consider to be a wasteful use of gold?

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

5. What kind of revenue is made from the interest on money?

(see the answer key)

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