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This quiz consists of 5 multiple choice and 5 short answer questions through End of Book 3 & Book 4, Chapter 1.

Multiple Choice Questions

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

2. What was the common rate of interest on borrowing through the greater part of Europe before the discovery of the West Indies?
(a) 10%.
(b) 11%.
(c) 12%.
(d) 9%.

3. What is the state of the greater part of the laboring poor in all countries?
(a) Their labor is sporadic and not continual.
(b) Their revenue is derived from their labor only.
(c) Their revenue is not enough for sustenance.
(d) Their labor is not enough for sustenance.

4. What tends to discourage every industry in a given nation and enable foreign markets to undersell goods even in the home market?
(a) Fixed money prices of commodities.
(b) The rise in the money price of commodities.
(c) The fall in the money price of commodities.
(d) Government directed money prices of commodities.

5. What reduced the value of gold and silver in Europe in the 16th century?
(a) The discovery of mines in America.
(b) The depletion of mines in Europe.
(c) The discovery of mines in Peru.
(d) The depletion of mines in America.

Short Answer Questions

1. What gave Great Britain the monopoly of supplying the colonies with all the commodities of growth and manufacturing?

2. What kind of business does not lend itself to many subdivisions of labor?

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

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

5. What three ways do we obtain from one another the greater part of those mutual good offices which we stand in need of?

(see the answer key)

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