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

Multiple Choice Questions

1. What is true of both a farm and a retail trade?
(a) Each must invest their fixed capital.
(b) Each are confined to a precise spot.
(c) Each are suspectible to interest rates.
(d) Each are a mobile business.

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

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

4. What does an artificer who lives where there is either no uncultivated land, or none that can be had upon easy terms, do when he has acquired a little more stock than is necessary for carrying on his own business in supplying the neighboring country?
(a) He seeks to sell in distance towns.
(b) He invests his stock in more workmen
(c) He reinvests his stock into his business.
(d) He buys land for improvement.

5. What determines the ordinary market price of land?
(a) The ordinary market rate of product consumption.
(b) The ordinary market rate of corn.
(c) The ordinary market rate of interest.
(d) The ordinary market rate of gold.

6. What happens when the quantity of silver increases?
(a) Its value is increased.
(b) Its value is unaffected.
(c) Its value is under appreciated.
(d) Its value is diminished.

7. How are capitals diminished?
(a) By parsimony.
(b) By industry.
(c) By prodigality.
(d) By revenue.

8. How important is it that the merchant whose capital exports the surplus produce of any society be a native or a foreigner?
(a) It is of little importance.
(b) It's importance depends on a number of factors.
(c) It is of no importance at all.
(d) It is of utmost importance.

9. What regulates the quantity of materials and provisions that a town buys?
(a) The quantity of raw materials they get from those in the country.
(b) The quantity of manufacture they get from those in the country.
(c) The quantity of work they sell to those in the country.
(d) The quantity of work the country has to sell.

10. Who should own lands like parks, gardens, and public walks?
(a) No one.
(b) Individual owners.
(c) The public.
(d) The crown.

11. What is the inherent nature of stock and credit?
(a) They are unstable but renewable.
(b) They are stable and renewable.
(c) They are stable and permanent.
(d) They are unstable and perishable.

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

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

14. 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?
(a) He seeks to sell in distance towns.
(b) He buys land for improvement.
(c) He reinvests his stock into his business.
(d) He invests his stock in more workmen.

15. What did the council of Castile determine?
(a) To take possession of countries where the inhabitants desire a new government.
(b) To take possession of countries where the inhabitants need to be converted to Christianity.
(c) To take possession of countries where the inhabitants are incapable of defending themselves.
(d) To take possession of countries where there is the possibility of finding gold.

Short Answer Questions

1. What was the first article in the treaty of commerce between England and Portugal?

2. How should revenue from public stock be supplemented?

3. What to British manufacturers import from the coasts of the Baltic?

4. How are almost all loans made?

5. What tends to discourage every industry in a given nation and enable foreign markets to undersell goods even in the home market?

(see the answer keys)

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