2. 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 America.
(c) The depletion of mines in Europe.
(d) The discovery of mines in Peru.

3. What is one characteristic of the Mediterranean Sea which made it favorable for infant navigation?
(a) Many harbors.
(b) No tides.
(c) No islands.
(d) Shallow water.

4. What limits the extent of the division of labor?
(a) The workmen.
(b) The raw products.
(c) The population.
(d) The market.

5. What kind of commodity must be sold quickly?
(a) Those with abundance of supply.
(b) Those which will not endure.
(c) Those in short supply.
(d) Those no longer wanted.

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

7. What becomes the common instrument of commerce when barter ceases?
(a) Gold.
(b) Silver.
(c) Gem stones.
(d) Money.

8. What causes the difference between a philosopher and a street porter?
(a) Birth, income, and upbringing.
(b) Habit, custom, and education.
(c) Opportunity, talent, and birth.
(d) Natural talent and propensity.

9. How does division of labor affect the time required for the manufacturing process?
(a) It reduces the time between a workman's different tasks.
(b) It lengthens the time of production while producing a better product.
(c) It lengthens the overall time of production.
(d) It reduces the time for a product to be completed.

10. What was one problem with the use of rude metals?
(a) Transporting them.
(b) Mining them.
(c) Weighing them.
(d) Keeping them safe.

11. What is the only universal, only accurate measure of value, only standard by which we can compare the values of different commodities at all times and at all places?
(a) Gold.
(b) Labor.
(c) Silver.
(d) Gem stones.

12. Which is not a reason for the increase of the quantity of work under division of labor?
(a) The increase of the workmen's dexterity.
(b) The employment of more workmen.
(c) Time efficiencies.
(d) The invention of machines which enable one man to do the work of many.

13. What is the real price of a thing a person wants?
(a) The money it takes to purchase it.
(b) The toil and trouble of acquiring it.
(c) The labor it takes to pay for it.
(d) The price marked as its cost.

14. 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) Division of labor does not affect the quantity of products manufactured.
(d) Many individuals and processes come together to complete a product.

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