|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. Labor measures the value of price which resolves itself into labor, rent, and what one other thing?
2. How are a philosopher and a street porter the same?
(a) Their desire and motivations would be very similar.
(b) Their family life would be very similar.
(c) Their first six years of life would have been very similar.
(d) Their goals for life would be very similar.
3. 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?
(c) Gem stones.
4. What regulates the price of every particular commodity?
(a) Profit and wages.
(b) Labor and profit.
(c) Labor and wages.
(d) Supply and demand.
5. The ordinary or average rates of wages, profit, and rent may also be called what?
(a) The natural rates.
(b) The common rates.
(c) The commodity rates.
(d) The derived rates.
6. What can be said for division of labor for all kinds of manufacturing?
(a) Many individuals and processes come together to complete a product.
(b) Machines replace many workmen who are moved to other jobs.
(c) The quality of products manufactured are improved greatly.
(d) Division of labor does not affect the quantity of products manufactured.
7. What is one characteristics of a fixed capital?
(a) It has no real master.
(b) It never changes masters.
(c) It goes back and forth between masters.
(d) It always changes masters.
8. What happens if the supply of a commodity is greater than the demand for it?
(a) The commodity goes to waste.
(b) The price rises.
(c) The merchant returns the goods.
(d) The price drops.
9. What is the common instrument of commerce and exchanges in some parts of the coast of India?
10. How does an individual live within a civilized society?
(a) His dependence or independence is entirely up to him.
(b) He needs the cooperation and assistance of only his friends.
(c) He is completely independent of other people.
(d) He needs the cooperation and assistance of many other people.
11. What happens in every country that employs an increase in stock?
(a) The same quantity of industry produces a lesser quantity of work.
(b) The greater quantity of industry produces a greater quantity of work.
(c) The same quantity of industry produces a greater quantity of work.
(d) The lesser quantity of industry produces produces a greater quantity of work.
12. What is the ultimate and real standard by which the value of all commodities can, at all times and places, be estimated and compared?
13. How does division of labor affect the time required for the manufacturing process?
(a) It reduces the time between a workman's different tasks.
(b) It lengthens the time of production while producing a better product.
(c) It reduces the time for a product to be completed.
(d) It lengthens the overall time of production.
14. What kind of demand brings a commodity to market?
(a) An absolute demand.
(b) A natural demand.
(c) A proportionate demand.
(d) An effectual demand.
15. What is the intention of the fixed capital?
(a) To decrease the overhead cost of manufacturing.
(b) To increase the speed of manufacturing.
(c) To increase the productive powers of labour.
(d) To decrease the number of workmen needed.
Short Answer Questions
1. What was the common instrument of commerce among the ancient Spartans?
2. What word expressed the weight or quantity of metal contained in the first coins?
3. Which country's inland navigation caused its early improvement?
4. Why are the silks of France better and cheaper than those of England?
5. How many general types of fixed capital are there?
This section contains 629 words
(approx. 3 pages at 300 words per page)