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

Multiple Choice Questions

1. In every occupation, what is the general proportion between circulating and fixed capital?
(a) They are always equal.
(b) There is always more circulating capital.
(c) There is always more fixed capital.
(d) They are varyingly very different.

2. What is one characteristic of the Mediterranean Sea which made it favorable for infant navigation?
(a) No tides.
(b) No islands.
(c) Many harbors.
(d) Shallow water.

3. In the rude ages of society, what was the common instrument of commerce?
(a) Textiles.
(b) Labor.
(c) Food stuffs.
(d) Cattle.

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

5. Under division of labor, what generally supplies a man's wants?
(a) The produce of society's labor.
(b) The produce of other men's labor.
(c) The produce of the country's labor.
(d) The produce of a man's own labor.

6. What is it called when gold purchases goods in one foreign country in order to supply the consumption of another?
(a) Foreign purchase trade.
(b) Carrying trade.
(c) Domestic revenue trade.
(d) Consumption trade.

7. What kind of business does not lend itself to many subdivisions of labor?
(a) Foundry.
(b) Ship building.
(c) Agriculture.
(d) Textile manufacturing.

8. How did the idea of division of labor come about?
(a) It was an accident which resulted in positive change.
(b) It was an experiment which owners found to be advantageous.
(c) It was the propensity of human nature to truck, barter, and exchange one thing for another.
(d) It was a consequence of the applied study of manufacturing.

9. What limits the extent of the division of labor?
(a) The workmen.
(b) The raw products.
(c) The population.
(d) The market.

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

11. 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.

12. Which is not a reason for the increase of the quantity of work under division of labor?
(a) Time efficiencies.
(b) The increase of the workmen's dexterity.
(c) The employment of more workmen.
(d) The invention of machines which enable one man to do the work of many.

13. How many general types of circulating capital are there?
(a) Four.
(b) Three.
(c) Five.
(d) Two.

14. In what country is the Ganges River?
(a) Italy.
(b) Bengal.
(c) Egypt.
(d) India.

15. What kind of revenue constitutes the whole annual produce of the a country's land and labor?
(a) Production revenue.
(b) Gross revenue.
(c) Consumption revenue.
(d) Net revenue.

Short Answer Questions

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

2. What was the common instrument of commerce among the ancient Romans?

3. What is a consequence of replacing gold money with paper money?

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

5. In all countries, what do men prefer in exchange for commodities?

(see the answer keys)

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