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

Multiple Choice Questions

1. When a government has borrowed a great deal of money, what is the justification for imposing new taxes?
(a) To pay the interest on the borrowed money.
(b) To refill the emptied treasury.
(c) To pay back the borrowed money.
(d) To run a government which has become more expensive.

2. Who concluded the treaty of commerce between England and Portugal in 1703?
(a) Mr. Metuel.
(b) Mr. Menchan.
(c) Mr. Melkson.
(d) Mr. Methuen.

3. How should revenue from public stock be supplemented?
(a) By taxing the people.
(b) By taxing land owners.
(c) By selling the stock.
(d) By selling commodities.

4. What does the interest rate on borrowed money need to be to prevent usury?
(a) The rate needs to be half the lowest market price.
(b) The rate needs to be equal to the lowest market price.
(c) The rate needs to be somewhat above the lowest market price.
(d) The rate needs to be somewhat below the lowest market price.

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

6. What are the two kinds of labor?
(a) Productive and unproductive.
(b) Wage earning and charitable.
(c) Manual and mental.
(d) Professional and unskilled.

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

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

9. Where does vanity almost always lead?
(a) To extravangance.
(b) To parismony.
(c) To poverty.
(d) To superiority.

10. St. Thomas and Santa Cruz are the only new world countries ever possessed by which country?
(a) Holland.
(b) Germany.
(c) Denmark.
(d) Sweden.

11. In modern armies, what is of more importance in determining the fate of battles?
(a) Practice and drills.
(b) Prompt obedience to commands.
(c) Dexerity and skill of soldiers.
(d) The expertise of the officers.

12. What is the principal cause of the rapid progress of the American colonies?
(a) Nearly their entire capitals are employed in commerce.
(b) Nearly their entire capitals are employed in settlements.
(c) Nearly their entire capitals are employed in land.
(d) Nearly their entire capitals are employed in agriculture.

13. In seeking for employment to a capital, what is preferred to foreign commerce?
(a) Inland merchandizing.
(b) Inland manufacturers.
(c) Domestic merchandizing.
(d) Domestic manufacturers.

14. What does the lender consider stock lent at an interest?
(a) An industry.
(b) A capital.
(c) A profit.
(d) A revenue.

15. What is the name of a species of farmers in France who succeeded the slave cultivators of ancient times?
(a) Metayers.
(b) Mamtroers.
(c) Motrammers.
(d) Milayers.

Short Answer Questions

1. What determines the ordinary market price of land?

2. Where does the town gain its wealth and subsistence from?

3. Which profession is not an example of an artificer?

4. At the time the book was written, what increased the price of gold exported from Spain and Portugal?

5. What are the people who employ their own capital called?

(see the answer keys)

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