An Inquiry Into the Nature and Causes of the Wealth of Nations Test | Mid-Book Test - Easy

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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What happens if the supply of a commodity is greater than the demand for it?
(a) The price rises.
(b) The merchant returns the goods.
(c) The commodity goes to waste.
(d) The price drops.

2. What is true about the amount of metal coins which circulate in a society?
(a) They can never be equal to the revenue of the society.
(b) They are equal to the revenue of the society.
(c) They have no relation to the revenue of the society.
(d) They fluctuate the revenue of the society.

3. Which is not a reason for the increase of the quantity of work under division of labor?
(a) The employment of more workmen.
(b) Time efficiencies.
(c) The invention of machines which enable one man to do the work of many.
(d) The increase of the workmen's dexterity.

4. What do princes and sovereign states frequently do with their coinage?
(a) Augment the quantity of pure metal contained in their coins.
(b) Refuse to change the quantity of pure metal contained in their coins.
(c) Substitute the quantity of pure metal contained in their coins.
(d) Diminish the quantity of pure metal contained in their coins.

5. What opens an even more extensive market to every sort of industry?
(a) Faster horses.
(b) Land-carriage.
(c) Water-carriage.
(d) Improved inland transporation.

6. How did the idea of division of labor come about?
(a) It was an experiment which owners found to be advantageous.
(b) It was a consequence of the applied study of manufacturing.
(c) It was the propensity of human nature to truck, barter, and exchange one thing for another.
(d) It was an accident which resulted in positive change.

7. By the nature of things, what must there be before the division of labor in a particular job?
(a) The accumulation of stock.
(b) The acquistion of capital.
(c) The training of workmen.
(d) The distribution of goods.

8. What kind of capital is employed in the improvement of land and in the purchase of useful machines and instruments of trade?
(a) Instrumental capital.
(b) Fixed capital.
(c) Circulating capital.
(d) Improving capital.

9. What is a person's revenue equal to?
(a) The stock that is put into reserve.
(b) The quantity of comsumable goods he can purchase.
(c) The money left over after buying his necessities.
(d) The wages he is paid.

10. What reduced the value of gold and silver in Europe in the 16th century?
(a) The depletion of mines in America.
(b) The discovery of mines in Peru.
(c) The depletion of mines in Europe.
(d) The discovery of mines in America.

11. What commodity would a butcher be unlikely to exchange for?
(a) Wine.
(b) Meat.
(c) Cloth.
(d) Bread.

12. How many times more goods on a broad-wheeled wagon can be carried from London to Edinburgh by water-carriage in the same amount of time?
(a) 50.
(b) 40.
(c) 55.
(d) 45.

13. What was one problem with the use of rude metals?
(a) Keeping them safe.
(b) Mining them.
(c) Weighing them.
(d) Transporting them.

14. What is the real measure of the exchangeable value of all commodities?
(a) Barter.
(b) Labor.
(c) Exchange of goods.
(d) Gold.

15. What is the intention of the fixed capital?
(a) To decrease the number of workmen needed.
(b) To decrease the overhead cost of manufacturing.
(c) To increase the speed of manufacturing.
(d) To increase the productive powers of labour.

Short Answer Questions

1. What kind of business does not lend itself to many subdivisions of labor?

2. How many general types of circulating capital are there?

3. What kind of capital is employed in raising, manufacturing, or purchasing goods, and selling them again with a profit?

4. According to the text, what does this saying describe: "Give me that which I want, and you shall have this which you want"?

5. What does the division of labor do for a manufacturer?

(see the answer keys)

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