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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. How are a philosopher and a street porter the same?
(a) Their family life would be very similar.
(b) Their first six years of life would have been very similar.
(c) Their goals for life would be very similar.
(d) Their desire and motivations would be very similar.

2. What does a man expect when he employs his stock as capital?
(a) Wages.
(b) Reserve.
(c) Labor.
(d) Profit.

3. How does an individual live within a civilized society?
(a) His dependence or independence is entirely up to him.
(b) He needs the cooperation and assistance of many other people.
(c) He is completely independent of other people.
(d) He needs the cooperation and assistance of only his friends.

4. What is the intention of the fixed capital?
(a) To increase the speed of manufacturing.
(b) To decrease the number of workmen needed.
(c) To increase the productive powers of labour.
(d) To decrease the overhead cost of manufacturing.

5. What is another name for paper money?
(a) Promissory notes.
(b) Commerce notes.
(c) Debtors' notes.
(d) Circulating notes.

Short Answer Questions

1. What is the common instrument of commerce and exchanges in Virginia?

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

3. Commonly, why does man #1 help man #2?

4. What is a consequence of replacing gold money with paper money?

5. When was the Bank of England incorporated?

(see the answer key)

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