View a FREE sample

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

Multiple Choice Questions

1. The ordinary or average rates of wages, profit, and rent may also be called what?
(a) The common rates.
(b) The natural rates.
(c) The commodity rates.
(d) The derived rates.

2. What is the state of the greater part of the laboring poor in all countries?
(a) Their labor is sporadic and not continual.
(b) Their revenue is derived from their labor only.
(c) Their revenue is not enough for sustenance.
(d) Their labor is not enough for sustenance.

3. What is the intention of the fixed capital?
(a) To decrease the number of workmen needed.
(b) To decrease the overhead cost of manufacturing.
(c) To increase the productive powers of labour.
(d) To increase the speed of manufacturing.

4. What is true about the amount of metal coins which circulate in a society?
(a) They are equal to the revenue of the society.
(b) They have no relation to the revenue of the society.
(c) They can never be equal to the revenue of the society.
(d) They fluctuate the revenue of the society.

5. What kind of person depends chiefly on the benevolence of this fellow citizens?
(a) A woman.
(b) A child.
(c) An unemployed man.
(d) A beggar.

Short Answer Questions

1. Which commodity is more susceptible to price variations?

2. What is the ultimate and real standard by which the value of all commodities can, at all times and places, be estimated and compared?

3. What happens if the supply of a commodity is greater than the demand for it?

4. What regulates the price of every particular commodity?

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

Short Essay Questions

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

2. What three circumstances increase the quantity of work as a consequence of the division of labor?

3. How does the multiplication of the productions of all the different arts, in consequence of the division of labor in a well-governed society, extend opulence to the lowest ranks of the people?

4. What two values does the workman add to manufactured materials?

5. How are the differences in men of different professions fostered?

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

7. How do fixed capital and circulating money resemble each other?

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

9. Give one example of how a country workman is obliged to apply himself to all the different branches of industry that employ the same sort of materials.

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

(see the answer keys)

This section contains 1,147 words (approx. 4 pages at 300 words per page) View a FREE sample