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

2. In the rude ages of society, what was the common instrument of commerce?
(a) Food stuffs.
(b) Labor.
(c) Cattle.
(d) Textiles.

3. How did the idea of division of labor come about?
(a) It was the propensity of human nature to truck, barter, and exchange one thing for another.
(b) It was an accident which resulted in positive change.
(c) It was a consequence of the applied study of manufacturing.
(d) It was an experiment which owners found to be advantageous.

4. What is one consequence for society where the division of labor is practiced?
(a) Wealth is enjoyed by even the lowest classes of people.
(b) There is no unemployment.
(c) All men are capable of learning a new trade.
(d) Manufacturing is always growing.

5. What commodity would a butcher be unlikely to exchange for?
(a) Cloth.
(b) Bread.
(c) Meat.
(d) Wine.

Short Answer Questions

1. What reduced the value of gold and silver in Europe in the 16th century?

2. Labor measures the value of price which resolves itself into labor, rent, and what one other thing?

3. According to the text, what does this saying describe: "Give me that which I want, and you shall have this which you want"?

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

5. What word expressed the weight or quantity of metal contained in the first coins?

(see the answer key)

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