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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 regulates the price of every particular commodity?
(a) Labor and wages.
(b) Profit and wages.
(c) Supply and demand.
(d) Labor and profit.

2. What kind of business does not lend itself to many subdivisions of labor?
(a) Foundry.
(b) Agriculture.
(c) Textile manufacturing.
(d) Ship building.

3. In all countries, what do men prefer in exchange for commodities?
(a) Labor.
(b) Gem stones.
(c) Like goods.
(d) Precious metals.

4. What causes the difference between a philosopher and a street porter?
(a) Opportunity, talent, and birth.
(b) Natural talent and propensity.
(c) Birth, income, and upbringing.
(d) Habit, custom, and education.

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

Short Answer 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?

2. Under what circumstance would every man have to perform exactly the same duties and do exactly the same work?

3. According to Homer, how much did the armor of Diomede cost?

4. What happens if the supply of a commodity is greater than the demand for it?

5. Which Mediterranean country seems to have been the first in which either agriculture or manufacturers were cultivated and improved to any considerable degree?

(see the answer key)

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