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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. According to Homer, how much did the armor of Diomede cost?
(a) Ten oxen.
(b) Eleven oxen.
(c) Nine oxen.
(d) Eight oxen.

2. What is true of both a farm and a retail trade?
(a) Each must invest their fixed capital.
(b) Each are suspectible to interest rates.
(c) Each are a mobile business.
(d) Each are confined to a precise spot.

3. What is the first part of capital use in every growing society?
(a) Agriculture.
(b) Manufacturers.
(c) Inland commerce.
(d) Foreign commerce.

4. In all countries, what do men prefer in exchange for commodities?
(a) Labor.
(b) Precious metals.
(c) Gem stones.
(d) Like goods.

5. What is the principal cause of the rapid progress of the American colonies?
(a) Nearly their entire capitals are employed in agriculture.
(b) Nearly their entire capitals are employed in land.
(c) Nearly their entire capitals are employed in commerce.
(d) Nearly their entire capitals are employed in settlements.

Short Answer Questions

1. What kind of commodity must be sold quickly?

2. How does division of labor affect the time required for the manufacturing process?

3. What is capital?

4. What does the lender consider stock lent at an interest?

5. What happens in every country that employs an increase in stock?

(see the answer key)

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