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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. What three ways do we obtain from one another the greater part of those mutual good offices which we stand in need of?
(a) By treaty, by barter, or by purchase.
(b) By ingenuity, by treaty, or by purchase.
(c) By labor, by charity, or by ingenuity.
(d) By labor, by barter , or by charity.

2. Why are new machines more likely to be invented under division of labor?
(a) Men have more time to experiment with various options and potential improvements.
(b) Men are more likely to discover more efficient methods of production when their entire focus is directed towards a single step of the process.
(c) Division of labor promotes speculation and new ideas to be tried.
(d) New machines are required when labor has been divided.

3. Under what circumstance would every man have to perform exactly the same duties and do exactly the same work?
(a) If there were no manufacturers of commodities.
(b) If there were no truck, barter, and exchange.
(c) If there were no difference of talent.
(d) If there were no organized society.

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

5. What does the division of labor do for a manufacturer?
(a) It simplifies the productive powers of labor.
(b) It increases the productive powers of labor.
(c) It complicates the productive powers of labor.
(d) It decreases the productive powers of labor.

Short Answer Questions

1. What becomes the common instrument of commerce when barter ceases?

2. How many times more goods on a broad-wheeled wagon can be carried from London to Edinburgh by water-carriage in the same amount of time?

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

4. Labor measures the value of price which resolves itself into labor, rent, and what one other thing?

5. What is a common characteristic for a workman under division of labor?

(see the answer key)

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