1. Give reasons for attributing exchange value to the waves of the
ocean; to a waterfall, a water-wheel, a loom, a piece of cloth, a dress
made of the cloth.
2. Show the connection between these things.
3. How can the use of a flock of sheep be of value to one who must
return them all to the owner?
4. Why should the use of a machine that never can be a direct cause of
gratification, have a value that men will pay for?
5. Give examples of wealth never becoming a direct cause of
gratification, yet whose possession is greatly valued.
NOTE.--The conception in this chapter was ably presented by
Böhm-Bawerk in _Capital and Interest_, Bk. III, ch. v, pp.
219-227. He does not, however, make use of it in a theory
of rent.