|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. What encourages every man to apply himself to an occupation and cultivate whatever talent he may possess for that particular business?
(a) The knowledge that his productive life enriches the lives of others.
(b) The desire that the knowledge of his occupation will be passed down to his sons and grandsons.
(c) The knowledge that his surplus of production can be exchanged for something he needs.
(d) The hope that his expertise will allow him to excel in even greater endeavors.
2. How long would it take for a broad-wheeled wagon, attended by two men, and drawn by eight horses, to carry four tons of goods between London and Edinburgh?
(a) Four weeks.
(b) Five weeks.
(c) Six weeks.
(d) Seven weeks.
3. What is true about the amount of metal coins which circulate in a society?
(a) They are equal to the revenue of the society.
(b) They fluctuate the revenue of the society.
(c) They can never be equal to the revenue of the society.
(d) They have no relation to the revenue of the society.
4. What is the state of the greater part of the laboring poor in all countries?
(a) Their labor is sporadic and not continual.
(b) Their labor is not enough for sustenance.
(c) Their revenue is not enough for sustenance.
(d) Their revenue is derived from their labor only.
5. What is the common instrument of commerce and exchanges in some parts of the coast of India?
6. 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) Many individuals and processes come together to complete a product.
(d) Division of labor does not affect the quantity of products manufactured.
7. 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 traded for needed goods.
(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 reserved for immediate consumption.
8. 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) Production rent.
(c) Consumption rent.
(d) Net rent.
9. The ordinary or average rates of wages, profit, and rent may also be called what?
(a) The commodity rates.
(b) The derived rates.
(c) The natural rates.
(d) The common rates.
10. Which commodity is more susceptible to price variations?
11. What is the ultimate and real standard by which the value of all commodities can, at all times and places, be estimated and compared?
12. What is one characteristic of the Mediterranean Sea which made it favorable for infant navigation?
(a) No islands.
(b) Many harbors.
(c) Shallow water.
(d) No tides.
13. What year was the Bank of England allowed to enlarge its capital stock?
14. In some measure, every man in a growing commercial society becomes what?
(a) A merchant.
(b) A scholar.
(c) A farmer.
(d) A tinker.
15. In the rude ages of society, what was the common instrument of commerce?
(a) Food stuffs.
Short Answer Questions
1. What was the common instrument of commerce among the ancient Spartans?
2. How many general types of fixed capital are there?
3. In the ancient world, what was considered a most wonderful and dangerous exploit of navigation?
4. What causes the difference between a philosopher and a street porter?
5. What is the actual price at which any commodity is commonly sold called?
This section contains 642 words
(approx. 3 pages at 300 words per page)