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This quiz consists of 5 multiple choice and 5 short answer questions through Book 2, Chapter 3.

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 encouragement to earn a wage.
(b) There was no sufficient industry to work in.
(c) There was no sufficient wage to work in industry.
(d) There was no sufficient encouragement to industry.

2. What encourages every man to apply himself to an occupation and cultivate whatever talent he may possess for that particular business?
(a) The hope that his expertise will allow him to excel in even greater endeavors.
(b) The desire that the knowledge of his occupation will be passed down to his sons and grandsons.
(c) The knowledge that his surplus of production can be exchanged for something he needs.
(d) The knowledge that his productive life enriches the lives of others.

3. Labor measures the value of price which resolves itself into labor, rent, and what one other thing?
(a) Tax.
(b) Demand.
(c) Profit.
(d) Wages.

4. What is the actual price at which any commodity is commonly sold called?
(a) The market price.
(b) The prime price.
(c) The derived price.
(d) The asking price.

5. In some measure, every man in a growing commercial society becomes what?
(a) A merchant.
(b) A scholar.
(c) A farmer.
(d) A tinker.

Short Answer Questions

1. How are capitals diminished?

2. What are the three original sources of all revenue?

3. In the rude ages of society, what was the common instrument of commerce?

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

5. What is not an example of unproductive labor?

(see the answer key)

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