View a FREE sample

This quiz consists of 5 multiple choice and 5 short answer questions through End of Book 3 & Book 4, Chapter 1.

Multiple Choice Questions

1. What tends to discourage every industry in a given nation and enable foreign markets to undersell goods even in the home market?
(a) The rise in the money price of commodities.
(b) Fixed money prices of commodities.
(c) The fall in the money price of commodities.
(d) Government directed money prices of commodities.

2. What supplies the inhabitants of the town both with the materials of their work, and the means of their subsistence?
(a) Cultivation.
(b) Commerce.
(c) Raw materials.
(d) Artificers.

3. What do princes and sovereign states frequently do with their coinage?
(a) Substitute the quantity of pure metal contained in their coins.
(b) Refuse to change the quantity of pure metal contained in their coins.
(c) Diminish the quantity of pure metal contained in their coins.
(d) Augment the quantity of pure metal contained in their coins.

4. To what price do all commodities gravitate?
(a) The stated price.
(b) The effectual price.
(c) The nominal price.
(d) The natural price.

5. How does division of labor affect the time required for the manufacturing process?
(a) It reduces the time between a workman's different tasks.
(b) It lengthens the overall time of production.
(c) It reduces the time for a product to be completed.
(d) It lengthens the time of production while producing a better product.

Short Answer Questions

1. According to the text, what does this saying describe: "Give me that which I want, and you shall have this which you want"?

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 does the division of labor do for a manufacturer?

4. How does an individual live within a civilized society?

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

(see the answer key)

This section contains 378 words (approx. 2 pages at 300 words per page) View a FREE sample