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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. Under what circumstance would every man have to perform exactly the same duties and do exactly the same work?
(a) If there were no truck, barter, and exchange.
(b) If there were no organized society.
(c) If there were no manufacturers of commodities.
(d) If there were no difference of talent.

2. Which country's inland navigation caused its early improvement?
(a) Italy.
(b) Greece.
(c) Egypt.
(d) Turkey.

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

4. By the nature of things, what must there be before the division of labor in a particular job?
(a) The training of workmen.
(b) The accumulation of stock.
(c) The distribution of goods.
(d) The acquistion of capital.

5. When was the Bank of England incorporated?
(a) The 27th of July, 1693.
(b) The 27th of July, 1695.
(c) The 27th of July, 1694.
(d) The 27th of July, 1696.

Short Answer Questions

1. In all countries, what do men prefer in exchange for commodities?

2. What is true about the amount of metal coins which circulate in a society?

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

4. What was the common instrument of commerce among the ancient Spartans?

5. According to the text, what does this saying describe: "Give me that which I want, and you shall have this which you want"?

Short Essay Questions

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

2. How is the circulating capital of a society different from that of an individual?

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

4. In every society or neighborhood, how is the ordinary or average rate both of wages and profit regulated?

5. Using an example from the text, explain how the value of the most precious metal used for coinage regulates the value of coins made with a lesser metal.

6. How does the market limit the division of labor?

7. What are the two ways in which a capital may be employed so as to yield a revenue or profit to its employer.

8. Why is it difficult to determine the exchange value between two different kinds of labor?

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

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

(see the answer keys)

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