|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. What reduced the value of gold and silver in Europe in the 16th century?
(a) The discovery of mines in Peru.
(b) The discovery of mines in America.
(c) The depletion of mines in Europe.
(d) The depletion of mines in America.
2. 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) Division of labor does not affect the quantity of products manufactured.
(c) Many individuals and processes come together to complete a product.
(d) The quality of products manufactured are improved greatly.
3. According to Homer, how much did the armor of Diomede cost?
(a) Eleven oxen.
(b) Eight oxen.
(c) Ten oxen.
(d) Nine oxen.
4. What is the ultimate and real standard by which the value of all commodities can, at all times and places, be estimated and compared?
5. What is another name for paper money?
(a) Circulating notes.
(b) Debtors' notes.
(c) Promissory notes.
(d) Commerce notes.
6. Which occupation requires a great town?
7. 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?
(d) Gem stones.
8. 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 reserved for immediate consumption.
(c) To maintain and augment the stock which may be used to expand the business.
(d) To maintain and augment the stock which may be traded for needed goods.
9. What kind of business does not lend itself to many subdivisions of labor?
(b) Textile manufacturing.
(d) Ship building.
10. Which country's inland navigation caused its early improvement?
11. What is capital?
(a) Stock traded for other goods.
(b) Stock reserved for future needs.
(c) Stock from which revenue is expected.
(d) Stock which a man consumes.
12. In some measure, every man in a growing commercial society becomes what?
(a) A farmer.
(b) A tinker.
(c) A scholar.
(d) A merchant.
13. How many general types of fixed capital are there?
14. What does the division of labor do for individual workmen?
(a) It reduces every man's job to one simple operation.
(b) It gives each man more work to do.
(c) It enables each man to work fewer hours.
(d) It teaches each man a new skill.
15. Which Mediterranean country seems to have been the first in which either agriculture or manufacturers were cultivated and improved to any considerable degree?
Short Answer Questions
1. What is one consequence for society where the division of labor is practiced?
2. What is one characteristics of a fixed capital?
3. What was the original price, the first purchase cost, for all things?
4. Labor measures the value of price which resolves itself into labor, rent, and what one other thing?
5. Under division of labor, what generally supplies a man's wants?
This section contains 560 words
(approx. 2 pages at 300 words per page)