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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Who are most likely to make improvements upon or invent new machines for manufacture?
(a) The man who is responsible for the running of the manufacturing process.
(b) Those who work with or make the machines.
(c) The man who repairs and cleans the machines.
(d) The owner of the manufacturing process.

2. What causes the difference between a philosopher and a street porter?
(a) Habit, custom, and education.
(b) Birth, income, and upbringing.
(c) Natural talent and propensity.
(d) Opportunity, talent, and birth.

3. What kind of person depends chiefly on the benevolence of this fellow citizens?
(a) A beggar.
(b) An unemployed man.
(c) A woman.
(d) A child.

4. 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 are equal to the revenue of the society.
(c) They fluctuate the revenue of the society.
(d) They have no relation to the revenue of the society.

5. What commodity would a butcher be unlikely to exchange for?
(a) Cloth.
(b) Wine.
(c) Bread.
(d) Meat.

6. What happens if the supply of a commodity is greater than the demand for it?
(a) The commodity goes to waste.
(b) The price rises.
(c) The price drops.
(d) The merchant returns the goods.

7. What is the common instrument of commerce and exchanges in Virginia?
(a) Salt.
(b) Shells.
(c) Sugar.
(d) Tobacco.

8. What is the real price of a thing a person wants?
(a) The price marked as its cost.
(b) The labor it takes to pay for it.
(c) The money it takes to purchase it.
(d) The toil and trouble of acquiring it.

9. The ordinary or average rates of wages, profit, and rent may also be called what?
(a) The derived rates.
(b) The commodity rates.
(c) The natural rates.
(d) The common rates.

10. What does the division of labor do for a manufacturer?
(a) It simplifies the productive powers of labor.
(b) It decreases the productive powers of labor.
(c) It complicates the productive powers of labor.
(d) It increases the productive powers of labor.

11. What regulates the price of every particular commodity?
(a) Supply and demand.
(b) Labor and profit.
(c) Profit and wages.
(d) Labor and wages.

12. What is the state of the greater part of the laboring poor in all countries?
(a) Their labor is sporadic and not continual.
(b) Their labor is not enough for sustenance.
(c) Their revenue is not enough for sustenance.
(d) Their revenue is derived from their labor only.

13. Which commodity is more susceptible to price variations?
(a) Gold.
(b) Wool.
(c) Linen.
(d) Corn.

14. What was the original price, the first purchase cost, for all things?
(a) Labor.
(b) Gold.
(c) Exchange of goods.
(d) Barter.

15. According to Homer, how much did the armor of Diomede cost?
(a) Ten oxen.
(b) Nine oxen.
(c) Eleven oxen.
(d) Eight oxen.

Short Answer Questions

1. What is another name for paper money?

2. What does the division of labor do for individual workmen?

3. What is the intention of the fixed capital?

4. What is a person's revenue equal to?

5. How does an individual live within a civilized society?

(see the answer keys)

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