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This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. 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 have no relation to the revenue of the society.
(c) They fluctuate the revenue of the society.
(d) They are equal to the revenue of the society.
2. What is a person's revenue equal to?
(a) The quantity of comsumable goods he can purchase.
(b) The wages he is paid.
(c) The stock that is put into reserve.
(d) The money left over after buying his necessities.
3. Under division of labor, what generally supplies a man's wants?
(a) The produce of other men's labor.
(b) The produce of society's labor.
(c) The produce of the country's labor.
(d) The produce of a man's own labor.
4. Who are most likely to make improvements upon or invent new machines for manufacture?
(a) Those who work with or make the machines.
(b) The man who repairs and cleans the machines.
(c) The man who is responsible for the running of the manufacturing process.
(d) The owner of the manufacturing process.
5. What kind of business does not lend itself to many subdivisions of labor?
(b) Ship building.
(d) Textile manufacturing.
6. What opens an even more extensive market to every sort of industry?
(a) Improved inland transporation.
(d) Faster horses.
7. What was the common instrument of commerce among the ancient Romans?
8. When was the Bank of England incorporated?
(a) The 27th of July, 1695.
(b) The 27th of July, 1696.
(c) The 27th of July, 1693.
(d) The 27th of July, 1694.
9. What is one consequence for society where the division of labor is practiced?
(a) Wealth is enjoyed by even the lowest classes of people.
(b) All men are capable of learning a new trade.
(c) There is no unemployment.
(d) Manufacturing is always growing.
10. 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 surplus of production can be exchanged for something he needs.
(b) The knowledge that his productive life enriches the lives of others.
(c) The desire that the knowledge of his occupation will be passed down to his sons and grandsons.
(d) The hope that his expertise will allow him to excel in even greater endeavors.
11. What was one problem with the use of rude metals?
(a) Keeping them safe.
(b) Mining them.
(c) Transporting them.
(d) Weighing them.
12. What year was the Bank of England allowed to enlarge its capital stock?
13. What are the three original sources of all revenue?
(a) Wages, profit, and rent.
(b) Trade, taxes, and wages.
(c) Profit, taxes, and commerce.
(d) Commerce, taxes, and trade.
14. In the rude ages of society, what was the common instrument of commerce?
(a) Food stuffs.
15. What kind of rent is paid by a farmer?
(a) Consumption rent.
(b) Net rent.
(c) Production rent.
(d) Gross rent.
Short Answer Questions
1. By the nature of things, what must there be before the division of labor in a particular job?
2. What is the real measure of the exchangeable value of all commodities?
3. Where are the separation of different trades and employments from one another generally found?
4. What was the common instrument of commerce among the ancient Spartans?
5. What was the original form of the metals used for commerce?
This section contains 595 words
(approx. 2 pages at 300 words per page)