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

Multiple Choice Questions

1. According to the author why, two or three centuries before, were his British ancestors mostly idle concerning industry?
(a) There was no sufficient wage to work in industry.
(b) There was no sufficient encouragement to industry.
(c) There was no sufficient encouragement to earn a wage.
(d) There was no sufficient industry to work in.

2. What kind of revenue is made from the interest on money?
(a) Laborless revenue.
(b) Renewable revenue.
(c) Derivative revenue.
(d) Taxable revenue.

3. How does annual consumption compare to annual spending?
(a) More is consumed.
(b) More is spent.
(c) They are nearly the same.
(d) There is no correlation.

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

5. What was the common instrument of commerce among the ancient Romans?
(a) Gold.
(b) Silver.
(c) Iron.
(d) Copper.

Short Answer Questions

1. What is the real price of a thing a person wants?

2. What is the principal cause of the rapid progress of the American colonies?

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

4. To what price do all commodities gravitate?

5. What happens to productive labor when the funds for maintaining it are increased?

(see the answer key)

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