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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 kind of demand brings a commodity to market?
(a) A proportionate demand.
(b) An effectual demand.
(c) An absolute demand.
(d) A natural demand.

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

3. According to the text, what does this saying describe: "Give me that which I want, and you shall have this which you want"?
(a) A mutual offer.
(b) A fair trade.
(c) A business propostion.
(d) A bargain.

4. What is the common instrument of commerce and exchanges in Virginia?
(a) Salt.
(b) Tobacco.
(c) Sugar.
(d) Shells.

5. What is the real price of a thing a person wants?
(a) The labor it takes to pay for it.
(b) The toil and trouble of acquiring it.
(c) The money it takes to purchase it.
(d) The price marked as its cost.

Short Answer Questions

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

2. How did the idea of division of labor come about?

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

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

5. What are the three original sources of all revenue?

(see the answer key)

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