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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. The ordinary or average rates of wages, profit, and rent may also be called what?

2. Commonly, why does man #1 help man #2?

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

4. Who are most likely to make improvements upon or invent new machines for manufacture?

5. How are a philosopher and a street porter the same?

Short Essay Questions

1. In all countries, why are precious metals the preferred means of commerce?

2. Give an example of one kind of job which requires a great town.

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

4. Explain a farmer's fixed and circulating capital.

5. Who commonly makes improvements in manufacturing machinery?

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 do commercial nations use coins of different kinds of metals?

8. Why are circulating and fixed capital different for different occupations?

9. Who or what is involved in the manufacture and sale of a woolen coat?

10. What two values does the workman add to manufactured materials?

Essay Topics

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

"When a nation binds itself by treaty either to permit the entry of certain goods from one foreign country which it prohibits from all others, or to exempt the goods of one country from duties to which it subjects those of all others, the country, or at least the merchants and manufacturers of the country, whose commerce is so favored, must necessarily derive great advantage from the treaty." Explain with examples, how treaties, though they may be advantageous to the merchants and manufacturers of the favored, are necessarily disadvantageous to those of the favoring country.

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?

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This section contains 1,160 words (approx. 4 pages at 300 words per page) View a FREE sample