View a FREE sample

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

Multiple Choice Questions

1. What commodity would a butcher be unlikely to exchange for?
(a) Meat.
(b) Cloth.
(c) Wine.
(d) Bread.

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

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

4. What was the common rate of interest on borrowing through the greater part of Europe before the discovery of the West Indies?
(a) 12%.
(b) 11%.
(c) 10%.
(d) 9%.

5. Commonly, why does man #1 help man #2?
(a) Because man #1 has a capacity for benevolence.
(b) Because man #1 derives personal benefit from helping man #2.
(c) Because man #2 has agreed to pay man #1.
(d) Because man #1 sees man #2's genuine need for help.

Short Answer Questions

1. What is a common source of revenue for small republics?

2. What is the whole annual produce of the land and labor of every country used for?

3. What is the state of the greater part of the laboring poor in all countries?

4. How did the idea of division of labor come about?

5. What does a North American colonial artificer do when he has acquired a little more stock than is necessary for carrying on his own business in supplying the neighboring country?

(see the answer key)

This section contains 365 words (approx. 2 pages at 300 words per page) View a FREE sample