|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. In every occupation, what is the general proportion between circulating and fixed capital?
(a) They are always equal.
(b) There is always more fixed capital.
(c) They are varyingly very different.
(d) There is always more circulating capital.
2. What does the division of labor do for a manufacturer?
(a) It decreases the productive powers of labor.
(b) It increases the productive powers of labor.
(c) It complicates the productive powers of labor.
(d) It simplifies the productive powers of labor.
3. What is the intention of the fixed capital?
(a) To increase the productive powers of labour.
(b) To increase the speed of manufacturing.
(c) To decrease the number of workmen needed.
(d) To decrease the overhead cost of manufacturing.
4. What is the actual price at which any commodity is commonly sold called?
(a) The market price.
(b) The prime price.
(c) The asking price.
(d) The derived price.
5. What happens when the demand of a commodity is larger than the supply?
(a) More goods are brought in.
(b) The commodity is sold out.
(c) The price rises.
(d) The price falls.
6. What kind of business does not lend itself to many subdivisions of labor?
(a) Ship building.
(c) Textile manufacturing.
7. How are the dispositions that form the difference of talents of various professions considered?
(a) They are considered inconsequential.
(b) They are considered obstacles to overcome.
(c) They are considered a hindrance to progress.
(d) They are considered useful.
8. What is a common characteristic for a workman under division of labor?
(a) Every workman produces more than he needs.
(b) Every workman is equal to every other workman.
(c) Every workman has the means to improve himself.
(d) Every workman has increased purchasing power.
9. What was the common instrument of commerce among the ancient Spartans?
10. What is one characteristic of the Mediterranean Sea which made it favorable for infant navigation?
(a) Many harbors.
(b) No tides.
(c) No islands.
(d) Shallow water.
11. Which is not a reason for the increase of the quantity of work under division of labor?
(a) Time efficiencies.
(b) The invention of machines which enable one man to do the work of many.
(c) The increase of the workmen's dexterity.
(d) The employment of more workmen.
12. How does division of labor affect the time required for the manufacturing process?
(a) It lengthens the overall time of production.
(b) It lengthens the time of production while producing a better product.
(c) It reduces the time between a workman's different tasks.
(d) It reduces the time for a product to be completed.
13. What limits the extent of the division of labor?
(a) The market.
(b) The population.
(c) The workmen.
(d) The raw products.
14. What can be said for division of labor for all kinds of manufacturing?
(a) Machines replace many workmen who are moved to other jobs.
(b) The quality of products manufactured are improved greatly.
(c) Division of labor does not affect the quantity of products manufactured.
(d) Many individuals and processes come together to complete a product.
15. In all countries, what do men prefer in exchange for commodities?
(a) Gem stones.
(b) Precious metals.
(d) Like goods.
Short Answer Questions
1. When was the Bank of England incorporated?
2. What is a consequence of replacing gold money with paper money?
3. Which country's inland navigation caused its early improvement?
4. What kind of capital is employed in the improvement of land and in the purchase of useful machines and instruments of trade?
5. Where are the separation of different trades and employments from one another generally found?
This section contains 637 words
(approx. 3 pages at 300 words per page)