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

Multiple Choice Questions

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

2. What happens when the demand of a commodity is larger than the supply?
(a) More goods are brought in.
(b) The commodity is sold out.
(c) The price falls.
(d) The price rises.

3. What was the common instrument of commerce among the ancient Spartans?
(a) Copper.
(b) Iron.
(c) Silver.
(d) Gold.

4. What reduced the value of gold and silver in Europe in the 16th century?
(a) The discovery of mines in Peru.
(b) The discovery of mines in America.
(c) The depletion of mines in America.
(d) The depletion of mines in Europe.

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

Short Answer Questions

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

2. What is the actual price at which any commodity is commonly sold called?

3. The laborer is rich or poor, is well or ill rewarded, in proportion to what?

4. What is the common instrument of commerce and exchanges in some parts of the coast of India?

5. Which is not a reason for the increase of the quantity of work under division of labor?

(see the answer key)

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