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

2. What does the author consider to be a wasteful use of gold?
(a) Gilding and plating.
(b) Picture frames.
(c) Goblets.
(d) Flatware.

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

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?
(a) Labor.
(b) Gold.
(c) Silver.
(d) Production.

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

Short Answer Questions

1. Under division of labor, what generally supplies a man's wants?

2. What does the division of labor do for individual workmen?

3. What happens when the demand of a commodity is larger than the supply?

4. What kind of capital is employed in raising, manufacturing, or purchasing goods, and selling them again with a profit?

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

(see the answer key)

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