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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 absolute demand.
(c) An effectual demand.
(d) A natural demand.

2. Which Mediterranean country seems to have been the first in which either agriculture or manufacturers were cultivated and improved to any considerable degree?
(a) Egypt.
(b) Turkey.
(c) Italy.
(d) Greece.

3. What was the original form of the metals used for commerce?
(a) Lumps.
(b) Bars.
(c) Nuggets.
(d) Coins.

4. What does the text say about the difference of the natural talents in men?
(a) That talent is natural and cannot be cultivated or improved.
(b) That they are not really that different.
(c) That they are so different as so never to be changeable.
(d) That all men have unique talents unto themselves.

5. Originally, what did sailors fear?
(a) Navigating on a cloudy night.
(b) That their compasses were inaccurate.
(c) Being out of sight of the shore.
(d) That islands moved around in the sea.

Short Answer Questions

1. Who are most likely to make improvements upon or invent new machines for manufacture?

2. Which is not a reason for the increase of the quantity of work under division of labor?

3. Why are new machines more likely to be invented under division of labor?

4. What is the ultimate and real standard by which the value of all commodities can, at all times and places, be estimated and compared?

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

(see the answer key)

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