|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. What is a consequence of replacing gold money with paper money?
(a) It allows for more buying power.
(b) It costs less both to erect and to maintain.
(c) It promotes a new industry.
(d) It allows for increased wages.
2. According to Homer, how much did the armor of Diomede cost?
(a) Nine oxen.
(b) Eleven oxen.
(c) Eight oxen.
(d) Ten oxen.
3. What three ways do we obtain from one another the greater part of those mutual good offices which we stand in need of?
(a) By treaty, by barter, or by purchase.
(b) By ingenuity, by treaty, or by purchase.
(c) By labor, by barter , or by charity.
(d) By labor, by charity, or by ingenuity.
4. What becomes the common instrument of commerce when barter ceases?
(a) Gem stones.
5. Labor measures the value of price which resolves itself into labor, rent, and what one other thing?
6. How many general types of fixed capital are there?
7. In all countries, what do men prefer in exchange for commodities?
(b) Like goods.
(c) Precious metals.
(d) Gem stones.
8. What is the actual price at which any commodity is commonly sold called?
(a) The market price.
(b) The prime price.
(c) The derived price.
(d) The asking price.
9. What kind of revenue is made from the interest on money?
(a) Derivative revenue.
(b) Renewable revenue.
(c) Taxable revenue.
(d) Laborless revenue.
10. What is it called when gold purchases goods in one foreign country in order to supply the consumption of another?
(a) Consumption trade.
(b) Domestic revenue trade.
(c) Foreign purchase trade.
(d) Carrying trade.
11. Which commodity is more susceptible to price variations?
12. What does the text say about the difference of the natural talents in men?
(a) That talent is natural and cannot be cultivated or improved.
(b) That they are not really that different.
(c) That all men have unique talents unto themselves.
(d) That they are so different as so never to be changeable.
13. Which is not a reason for the increase of the quantity of work under division of labor?
(a) The invention of machines which enable one man to do the work of many.
(b) The employment of more workmen.
(c) The increase of the workmen's dexterity.
(d) Time efficiencies.
14. Why are the silks of France better and cheaper than those of England?
(a) Because there is little demand for English silk.
(b) Because France has an extreme surplus of silk manufacturers.
(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.
15. What is the common instrument of commerce and exchanges in Virginia?
Short Answer Questions
1. What year was the Bank of England allowed to enlarge its capital stock?
2. What is the sole end and purpose both of the fixed and circulating capitals?
3. Which country's inland navigation caused its early improvement?
4. What was the original form of the metals used for commerce?
5. What was one problem with the use of rude metals?
This section contains 551 words
(approx. 2 pages at 300 words per page)