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This quiz consists of 5 multiple choice and 5 short answer questions through Book 2, Chapter 1.

Multiple Choice Questions

1. What was the original price, the first purchase cost, for all things?
(a) Gold.
(b) Labor.
(c) Barter.
(d) Exchange of goods.

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

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

4. What kind of capital is employed in raising, manufacturing, or purchasing goods, and selling them again with a profit?
(a) Improving capital.
(b) Fixed capital.
(c) Instrumental capital.
(d) Circulating capital.

5. How many general types of circulating capital are there?
(a) Three.
(b) Five.
(c) Four.
(d) Two.

Short Answer Questions

1. What is one consequence for society where the division of labor is practiced?

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

3. Commonly, why does man #1 help man #2?

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

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

(see the answer key)

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