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

Multiple Choice Questions

1. What was the common rate of interest on borrowing through the greater part of Europe before the discovery of the West Indies?
(a) 11%.
(b) 9%.
(c) 10%.
(d) 12%.

2. Which profession is not an example of an artificer?
(a) Farmers.
(b) Carpenters.
(c) Wheel-wrights.
(d) Tanners.

3. During the sixteenth century, who claimed all of America as its own?
(a) Holland.
(b) Spain.
(c) Great Britain.
(d) Portugal.

4. What is one consequence of marketplace competition?
(a) It lowers the need for workmen.
(b) It raises the profits of stock.
(c) It lowers the wages of labor.
(d) It lowers the profits of stock.

5. Where do a merchant's or retailer's profits come from?
(a) From what they sell.
(b) From what they buy.
(c) From what they both buy and sell.
(d) From what they save.

6. What was one consequence when the German and Scythian nations overran the western provinces of the Roman empire?
(a) The country was left uncultivated.
(b) The towns were razed.
(c) The inhabitants immgrated to other countries.
(d) The inhabitants were made slaves.

7. What was the mint price of eight Paris ounces of gold according to the edict of January 1726?
(a) Seven hundred and ten livres, nine sous, and one denier one-eleventh.
(b) Seven hundred and twenty livres, nine sous, and one denier one-eleventh.
(c) Seven hundred and forty livres, nine sous, and one denier one-eleventh.
(d) Seven hundred and thirty livres, nine sous, and one denier one-eleventh.

8. How does that part of the annual production, which comes either from the ground or from the hands of the productive laborers and is destined for replacing capital, compare between rich and poor countries?
(a) It is less in poor countries.
(b) It is greater in rich countries.
(c) It is less in rich countries.
(d) It is greater in poor countries.

9. What was unserviceable for corn merchants, exporters, and importers?
(a) Tax rebates.
(b) The bounty.
(c) Drawbacks.
(d) Subsidy pricing.

10. How many ways are there to employ capital?
(a) 4.
(b) 6.
(c) 3.
(d) 5.

11. What is the first part of capital use in every growing society?
(a) Foreign commerce.
(b) Agriculture.
(c) Inland commerce.
(d) Manufacturers.

12. What must defray the expense of defense and government?
(a) Revenue.
(b) Profit.
(c) Exports bounties.
(d) Draw backs fees.

13. According to the author why, two or three centuries before, were his British ancestors mostly idle concerning industry?
(a) There was no sufficient industry to work in.
(b) There was no sufficient encouragement to industry.
(c) There was no sufficient wage to work in industry.
(d) There was no sufficient encouragement to earn a wage.

14. What was the first article in the treaty of commerce between England and Portugal?
(a) British corn will be exported to Portugal.
(b) British wine will be exported to Portugal.
(c) British wheat will be exported to Portugal.
(d) British woolen cloth will be exported to Portugal.

15. Where does the town gain its wealth and subsistence from?
(a) Its manufacturers.
(b) The country.
(c) Society.
(d) Its capital.

Short Answer Questions

1. Sugar was originally an enumerated commodity which could be exported only to which country?

2. Why isn't the wool of southern Scotland manufactured there?

3. What does a North American colonial artificer do when he has acquired a little more stock than is necessary for carrying on his own business in supplying the neighboring country?

4. What is a common source of revenue for small republics?

5. Who concluded the treaty of commerce between England and Portugal in 1703?

(see the answer keys)

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