|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 causes the difference between a philosopher and a street porter?
2. What does the division of labor do for a manufacturer?
3. What kind of capital is employed in raising, manufacturing, or purchasing goods, and selling them again with a profit?
4. What is it called when gold purchases goods in one foreign country in order to supply the consumption of another?
5. How long would it take for a broad-wheeled wagon, attended by two men, and drawn by eight horses, to carry four tons of goods between London and Edinburgh?
Short Essay Questions
1. In all countries, why are precious metals the preferred means of commerce?
2. How do fixed capital and circulating money resemble each other?
3. In every society or neighborhood, how is the ordinary or average rate both of wages and profit regulated?
4. How does the market limit the division of labor?
5. Give an example of one kind of job which requires a great town.
6. Who commonly makes improvements in manufacturing machinery?
7. Why is the division of labor not considered the effect of human wisdom?
8. Using an example from the text, explain how the value of the most precious metal used for coinage regulates the value of coins made with a lesser metal.
9. What are the two ways in which a capital may be employed so as to yield a revenue or profit to its employer.
10. What was the purpose of the first public stamps affixed to metals?
Write an essay for ONE of the following topics:
Essay Topic 1
With specific examples, compare and contrast the forms of defense among these different societies - 1. a nation of hunters; 2. a nation of shepherds; 3. a nation of husbandmen with no foreign commerce or manufacture.
Essay Topic 2
As explained in the text, compare and contrast the general social exchange activity between men with the general social exchange activity between animals of the same species.
Essay Topic 3
"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.
This section contains 1,051 words
(approx. 4 pages at 300 words per page)