An Inquiry Into the Nature and Causes of the Wealth of Nations Test | Mid-Book Test - Easy

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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What is the sole end and purpose both of the fixed and circulating capitals?
(a) To maintain and augment the stock which may be sold for profit.
(b) To maintain and augment the stock which may be used to expand the business.
(c) To maintain and augment the stock which may be traded for needed goods.
(d) To maintain and augment the stock which may be reserved for immediate consumption.

2. What happens when the demand of a commodity is larger than the supply?
(a) More goods are brought in.
(b) The price rises.
(c) The commodity is sold out.
(d) The price falls.

3. What kind of rent comes to the landlord after deducting the expense of management, of repairs, and all other necessary charges?
(a) Gross rent.
(b) Consumption rent.
(c) Net rent.
(d) Production rent.

4. How many general types of circulating capital are there?
(a) Two.
(b) Four.
(c) Three.
(d) Five.

5. What is the only universal, only accurate measure of value, only standard by which we can compare the values of different commodities at all times and at all places?
(a) Gold.
(b) Gem stones.
(c) Labor.
(d) Silver.

6. The ordinary or average rates of wages, profit, and rent may also be called what?
(a) The derived rates.
(b) The commodity rates.
(c) The common rates.
(d) The natural rates.

7. What kind of revenue constitutes the whole annual produce of the a country's land and labor?
(a) Net revenue.
(b) Consumption revenue.
(c) Gross revenue.
(d) Production revenue.

8. What is the common instrument of commerce and exchanges in Virginia?
(a) Shells.
(b) Sugar.
(c) Salt.
(d) Tobacco.

9. What was the original price, the first purchase cost, for all things?
(a) Exchange of goods.
(b) Gold.
(c) Barter.
(d) Labor.

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

11. Why are the silks of France better and cheaper than those of England?
(a) Because France has an extreme surplus of silk manufacturers.
(b) Because there is little demand for English silk.
(c) Because silk manufacturing is not popular in England.
(d) Because silk manufacturing is not as well suited to the climate of England as it is to that of France.

12. In the ancient world, what was considered a most wonderful and dangerous exploit of navigation?
(a) To sail out of the Streights of Gibraltar.
(b) To sail down an unknown coast.
(c) To not invoke the gods' blessings on the journey.
(d) To sail with a woman on board.

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

14. What does the division of labor do for individual workmen?
(a) It gives each man more work to do.
(b) It reduces every man's job to one simple operation.
(c) It enables each man to work fewer hours.
(d) It teaches each man a new skill.

15. Who are most likely to make improvements upon or invent new machines for manufacture?
(a) The owner of the manufacturing process.
(b) The man who repairs and cleans the machines.
(c) The man who is responsible for the running of the manufacturing process.
(d) Those who work with or make the machines.

Short Answer Questions

1. What is the real price of a thing a person wants?

2. According to Homer, how much did the armor of Diomede cost?

3. What kind of person depends chiefly on the benevolence of this fellow citizens?

4. What is the common instrument of commerce and exchanges in some parts of the coast of India?

5. 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?

(see the answer keys)

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