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

Multiple Choice Questions

1. Labor measures the value of price which resolves itself into labor, rent, and what one other thing?
(a) Demand.
(b) Profit.
(c) Tax.
(d) Wages.

2. In the rude ages of society, what was the common instrument of commerce?
(a) Food stuffs.
(b) Labor.
(c) Textiles.
(d) Cattle.

3. What was one problem with the use of rude metals?
(a) Weighing them.
(b) Mining them.
(c) Keeping them safe.
(d) Transporting them.

4. What is capital?
(a) Stock traded for other goods.
(b) Stock reserved for future needs.
(c) Stock which a man consumes.
(d) Stock from which revenue is expected.

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

Short Answer Questions

1. Who are most likely to make improvements upon or invent new machines for manufacture?

2. What opens an even more extensive market to every sort of industry?

3. Which Mediterranean country seems to have been the first in which either agriculture or manufacturers were cultivated and improved to any considerable degree?

4. Where do a farmer's or manufacturer's profits come from?

5. Which commodity is more susceptible to price variations?

(see the answer key)

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