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

Multiple Choice Questions

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

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

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

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

5. What was the common instrument of commerce among the ancient Romans?
(a) Silver.
(b) Iron.
(c) Gold.
(d) Copper.

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

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

8. What kind of capital is employed in the improvement of land and in the purchase of useful machines and instruments of trade?
(a) Fixed capital.
(b) Improving capital.
(c) Circulating capital.
(d) Instrumental capital.

9. What is the actual price at which any commodity is commonly sold called?
(a) The market price.
(b) The prime price.
(c) The asking price.
(d) The derived price.

10. What kind of revenue is made from the interest on money?
(a) Taxable revenue.
(b) Laborless revenue.
(c) Derivative revenue.
(d) Renewable revenue.

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

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

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

14. Why are the silks of France better and cheaper than those of England?
(a) Because France has an extreme surplus of silk manufacturers.
(b) Because there is little demand for English silk.
(c) Because silk manufacturing is not as well suited to the climate of England as it is to that of France.
(d) Because silk manufacturing is not popular in England.

15. Where are the separation of different trades and employments from one another generally found?
(a) In those countries which enjoy the highest degree of industry and improvement.
(b) In those countries which have the least degree of industry and improvement.
(c) In those countries which have yet to pursue industry and improvement.
(d) In those countries which are have completed their industry and improvement.

Short Answer Questions

1. Which commodity is more susceptible to price variations?

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

3. What is one characteristic of the Mediterranean Sea which made it favorable for infant navigation?

4. What is a common characteristic for a workman under division of labor?

5. What kind of revenue constitutes the whole annual produce of the a country's land and labor?

(see the answer keys)

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