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

Multiple Choice Questions

1. What kind of capital is employed in the improvement of land and in the purchase of useful machines and instruments of trade?
(a) Improving capital.
(b) Fixed capital.
(c) Instrumental capital.
(d) Circulating capital.

2. What can be said for division of labor for all kinds of manufacturing?
(a) The quality of products manufactured are improved greatly.
(b) Machines replace many workmen who are moved to other jobs.
(c) Many individuals and processes come together to complete a product.
(d) Division of labor does not affect the quantity of products manufactured.

3. The laborer is rich or poor, is well or ill rewarded, in proportion to what?
(a) The nominal price of his purchases.
(b) The nominal price of his labor.
(c) The real price of his purchases.
(d) The real price of his labor.

4. A part of which area was included in ancient Scythia?
(a) Siam.
(b) Bavaria.
(c) Siberia.
(d) Euxine.

5. What regulates the price of every particular commodity?
(a) Supply and demand.
(b) Labor and profit.
(c) Labor and wages.
(d) Profit and wages.

Short Answer Questions

1. In seeking for employment to a capital, what is preferred to foreign commerce?

2. Who besides productive and unproductive laborers are all equally maintained by the annual produce of the land and labor of the country?

3. How many times more goods on a broad-wheeled wagon can be carried from London to Edinburgh by water-carriage in the same amount of time?

4. What kind of demand brings a commodity to market?

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

(see the answer key)

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