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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

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

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

3. What encourages every man to apply himself to an occupation and cultivate whatever talent he may possess for that particular business?
(a) The knowledge that his surplus of production can be exchanged for something he needs.
(b) The desire that the knowledge of his occupation will be passed down to his sons and grandsons.
(c) The knowledge that his productive life enriches the lives of others.
(d) The hope that his expertise will allow him to excel in even greater endeavors.

4. What does the text say about the difference of the natural talents in men?
(a) That they are not really that different.
(b) That talent is natural and cannot be cultivated or improved.
(c) That they are so different as so never to be changeable.
(d) That all men have unique talents unto themselves.

5. What is the real price of a thing a person wants?
(a) The money it takes to purchase it.
(b) The price marked as its cost.
(c) The labor it takes to pay for it.
(d) The toil and trouble of acquiring it.

Short Answer Questions

1. What is the common instrument of commerce and exchanges in Virginia?

2. What kind of revenue remains free to a country after deducting the expense of maintaining their fixed circulating capital?

3. Under division of labor, what generally supplies a man's wants?

4. What is the actual price at which any commodity is commonly sold called?

5. What is the state of the greater part of the laboring poor in all countries?

Short Essay Questions

1. Explain a farmer's fixed and circulating capital.

2. Why do commercial nations use coins of different kinds of metals?

3. What would happen at the end of a war, if the enemy confiscated the gold upon which the losing country's paper money was based?

4. How does private property change the land of any country?

5. What was the purpose of the first public stamps affixed to metals?

6. Give one example of how a tribe of hunters or shepherds would begin the process of division of labor?

7. Why did the first recorded civilizations dwell on the coast of the Mediterranean Sea?

8. Why was the weighing of precious metals a problem with their use in their crude state?

9. Circulating capital which affords a revenue is composed of four parts. What are those four parts?

10. Who commonly makes improvements in manufacturing machinery?

(see the answer keys)

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