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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What does the division of labor do for individual workmen?
(a) It enables each man to work fewer hours.
(b) It reduces every man's job to one simple operation.
(c) It teaches each man a new skill.
(d) It gives each man more work to do.

2. To what price do all commodities gravitate?
(a) The natural price.
(b) The nominal price.
(c) The stated price.
(d) The effectual price.

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

4. A part of which area was included in ancient Scythia?
(a) Siberia.
(b) Euxine.
(c) Siam.
(d) Bavaria.

5. What was the common instrument of commerce among the ancient Romans?
(a) Silver.
(b) Gold.
(c) Copper.
(d) Iron.

Short Answer Questions

1. Which country's inland navigation caused its early improvement?

2. Under what circumstance would every man have to perform exactly the same duties and do exactly the same work?

3. The laborer is rich or poor, is well or ill rewarded, in proportion to what?

4. What encourages every man to apply himself to an occupation and cultivate whatever talent he may possess for that particular business?

5. Under division of labor, what generally supplies a man's wants?

Short Essay Questions

1. Why is it difficult to determine the exchange value between two different kinds of labor?

2. What are the two ways in which a capital may be employed so as to yield a revenue or profit to its employer.

3. How does private property change the land of any country?

4. What would happen at the end of a war, if the enemy confiscated the gold upon which the losing country's paper money was based?

5. How does the market limit the division of labor?

6. Who commonly makes improvements in manufacturing machinery?

7. What is the difference between the real price of a commodity and the nominal price of a commodity?

8. Give one example of how a country workman is obliged to apply himself to all the different branches of industry that employ the same sort of materials.

9. What was the purpose of the first public stamps affixed to metals?

10. How does the multiplication of the productions of all the different arts, in consequence of the division of labor in a well-governed society, extend opulence to the lowest ranks of the people?

(see the answer keys)

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