|Name: _________________________||Period: ___________________|
This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. What opens an even more extensive market to every sort of industry?
2. What is the nominal price of a commodity?
3. What are the three original sources of all revenue?
4. What is a person's revenue equal to?
5. Why are new machines more likely to be invented under division of labor?
Short Essay Questions
1. How do fixed capital and circulating money resemble each other?
2. How are the differences in men of different professions fostered?
3. In every society or neighborhood, how is the ordinary or average rate both of wages and profit regulated?
4. Why is it difficult to determine the exchange value between two different kinds of labor?
5. Why did the first recorded civilizations dwell on the coast of the Mediterranean Sea?
6. 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?
7. Why is the division of labor not considered the effect of human wisdom?
8. In all countries, why are precious metals the preferred means of commerce?
9. Give an example of one kind of job which requires a great town.
10. Circulating capital which affords a revenue is composed of four parts. What are those four parts?
Write an essay for ONE of the following topics:
Essay Topic 1
Define and give examples for the two kinds of stock a workman may possess. Explain and give examples for the three ways stock is used for personal consumption.
Essay Topic 2
"The increase and riches of commercial and manufacturing towns contributed to the improvement and cultivation of the countries to which they belonged in three different ways." Explain with examples the three ways mentioned in the quote above.
Essay Topic 3
Explain the general characteristics of the division of labor between small and large manufacturers. How are they the same? How are they different? How is division of labor generally advantageous?
This section contains 1,044 words
(approx. 4 pages at 300 words per page)