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

Multiple Choice Questions

1. What is the common instrument of commerce and exchanges in Virginia?
(a) Salt.
(b) Sugar.
(c) Shells.
(d) Tobacco.

2. What was the original form of the metals used for commerce?
(a) Coins.
(b) Nuggets.
(c) Bars.
(d) Lumps.

3. What encourages every man to apply himself to an occupation and cultivate whatever talent he may possess for that particular business?
(a) The knowledge that his surplus of production can be exchanged for something he needs.
(b) The hope that his expertise will allow him to excel in even greater endeavors.
(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.

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 decrease the overhead cost of manufacturing.
(d) To increase the productive powers of labour.

5. What kind of capital is employed in the improvement of land and in the purchase of useful machines and instruments of trade?
(a) Improving capital.
(b) Instrumental capital.
(c) Circulating capital.
(d) Fixed capital.

Short Answer Questions

1. By the nature of things, what must there be before the division of labor in a particular job?

2. What determines the ordinary market price of land?

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

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

5. What is a person's revenue equal to?

(see the answer key)

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