|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. What is the common instrument of commerce and exchanges in Virginia?
2. What does the author consider to be a wasteful use of gold?
(b) Picture frames.
(d) Gilding and plating.
3. What kind of commodity must be sold quickly?
(a) Those no longer wanted.
(b) Those with abundance of supply.
(c) Those which will not endure.
(d) Those in short supply.
4. What do princes and sovereign states frequently do with their coinage?
(a) Diminish the quantity of pure metal contained in their coins.
(b) Refuse to change the quantity of pure metal contained in their coins.
(c) Augment the quantity of pure metal contained in their coins.
(d) Substitute the quantity of pure metal contained in their coins.
5. What limits the extent of the division of labor?
(a) The raw products.
(b) The market.
(c) The workmen.
(d) The population.
6. What is another name for paper money?
(a) Promissory notes.
(b) Debtors' notes.
(c) Commerce notes.
(d) Circulating notes.
7. What is a person's revenue equal to?
(a) The money left over after buying his necessities.
(b) The wages he is paid.
(c) The stock that is put into reserve.
(d) The quantity of comsumable goods he can purchase.
8. In some measure, every man in a growing commercial society becomes what?
(a) A scholar.
(b) A merchant.
(c) A tinker.
(d) A farmer.
9. 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) Net rent.
(c) Production rent.
(d) Consumption rent.
10. Which country's inland navigation caused its early improvement?
11. What is the actual price at which any commodity is commonly sold called?
(a) The derived price.
(b) The asking price.
(c) The market price.
(d) The prime price.
12. When was the Bank of England incorporated?
(a) The 27th of July, 1693.
(b) The 27th of July, 1695.
(c) The 27th of July, 1696.
(d) The 27th of July, 1694.
13. What word expressed the weight or quantity of metal contained in the first coins?
14. To what price do all commodities gravitate?
(a) The nominal price.
(b) The effectual price.
(c) The stated price.
(d) The natural price.
15. What is the nominal price of a commodity?
(a) The price asked for it.
(b) The labor it took to produce it.
(c) The net profit for the seller.
(d) The price of its raw materials.
Short Answer Questions
1. Originally, what did sailors fear?
2. How many general types of circulating capital are there?
3. Under division of labor, what generally supplies a man's wants?
4. 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?
5. What is a consequence of replacing gold money with paper money?
This section contains 507 words
(approx. 2 pages at 300 words per page)