View a FREE sample

This quiz consists of 5 multiple choice and 5 short answer questions through End of Book 4 & Book 5, Chapter 1.

Multiple Choice Questions

1. What kind of rent comes to the landlord after deducting the expense of management, of repairs, and all other necessary charges?
(a) Production rent.
(b) Consumption rent.
(c) Net rent.
(d) Gross rent.

2. Where does the town gain its wealth and subsistence from?
(a) Its manufacturers.
(b) Its capital.
(c) Society.
(d) The country.

3. Where should the capital of a manufacturer generally reside?
(a) At a location close to his raw materials.
(b) At the most productive location.
(c) At a location within his country.
(d) At the cheapest location.

4. 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 knowledge that his surplus of production can be exchanged for something he needs.
(c) The knowledge that his productive life enriches the lives of others.
(d) The desire that the knowledge of his occupation will be passed down to his sons and grandsons.

5. Under division of labor, what generally supplies a man's wants?
(a) The produce of a man's own labor.
(b) The produce of other men's labor.
(c) The produce of the country's labor.
(d) The produce of society's labor.

Short Answer Questions

1. What does the division of labor do for individual workmen?

2. Where do a merchant's or retailer's profits come from?

3. Sugar was originally an enumerated commodity which could be exported only to which country?

4. What is capital?

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

(see the answer key)

This section contains 318 words (approx. 2 pages at 300 words per page) View a FREE sample