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

Multiple Choice Questions

1. What kind of rent is paid by a farmer?
(a) Gross rent.
(b) Net rent.
(c) Production rent.
(d) Consumption rent.

2. What word expressed the weight or quantity of metal contained in the first coins?
(a) Fineness.
(b) Stamp.
(c) Denomination.
(d) Purity.

3. When was the Bank of England incorporated?
(a) The 27th of July, 1694.
(b) The 27th of July, 1693.
(c) The 27th of July, 1695.
(d) The 27th of July, 1696.

4. What is the real measure of the exchangeable value of all commodities?
(a) Gold.
(b) Labor.
(c) Exchange of goods.
(d) Barter.

5. What are the three original sources of all revenue?
(a) Profit, taxes, and commerce.
(b) Commerce, taxes, and trade.
(c) Trade, taxes, and wages.
(d) Wages, profit, and rent.

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

7. What is the ultimate and real standard by which the value of all commodities can, at all times and places, be estimated and compared?
(a) Silver.
(b) Labor.
(c) Gold.
(d) Production.

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

9. What is capital?
(a) Stock from which revenue is expected.
(b) Stock which a man consumes.
(c) Stock reserved for future needs.
(d) Stock traded for other goods.

10. Which occupation requires a great town?
(a) Butcher.
(b) Sailor.
(c) Poet.
(d) Farmer.

11. What is one consequence for society where the division of labor is practiced?
(a) All men are capable of learning a new trade.
(b) Wealth is enjoyed by even the lowest classes of people.
(c) There is no unemployment.
(d) Manufacturing is always growing.

12. What does the author consider to be a wasteful use of gold?
(a) Flatware.
(b) Picture frames.
(c) Goblets.
(d) Gilding and plating.

13. In all countries, what do men prefer in exchange for commodities?
(a) Precious metals.
(b) Labor.
(c) Gem stones.
(d) Like goods.

14. What is the common instrument of commerce and exchanges in some parts of the coast of India?
(a) Salt.
(b) Sugar.
(c) Shells.
(d) Tobacco.

15. The laborer is rich or poor, is well or ill rewarded, in proportion to what?
(a) The real price of his purchases.
(b) The nominal price of his labor.
(c) The real price of his labor.
(d) The nominal price of his purchases.

Short Answer Questions

1. In what country is the Ganges River?

2. What is the common instrument of commerce and exchanges in Abyssinia?

3. Where are the separation of different trades and employments from one another generally found?

4. What happens when the demand of a commodity is larger than the supply?

5. What limits the extent of the division of labor?

(see the answer keys)

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