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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. What regulates the price of every particular commodity?
(a) Labor and wages.
(b) Supply and demand.
(c) Labor and profit.
(d) Profit and wages.

2. What kind of revenue is made from the interest on money?
(a) Renewable revenue.
(b) Laborless revenue.
(c) Taxable revenue.
(d) Derivative revenue.

3. Which Mediterranean country seems to have been the first in which either agriculture or manufacturers were cultivated and improved to any considerable degree?
(a) Egypt.
(b) Italy.
(c) Greece.
(d) Turkey.

4. Which commodity is more susceptible to price variations?
(a) Linen.
(b) Gold.
(c) Corn.
(d) Wool.

5. What is the only universal, only accurate measure of value, only standard by which we can compare the values of different commodities at all times and at all places?
(a) Gem stones.
(b) Silver.
(c) Gold.
(d) Labor.

Short Answer Questions

1. What was the common instrument of commerce among the ancient Romans?

2. What does the division of labor do for individual workmen?

3. What happens in every country that employs an increase in stock?

4. What word expressed the weight or quantity of metal contained in the first coins?

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

Short Essay Questions

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

2. In all countries, why are precious metals the preferred means of commerce?

3. What is the difference between the real price of a commodity and the nominal price of a commodity?

4. 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?

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

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

7. In every society or neighborhood, how is an ordinary or average rate of rent regulated?

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

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

10. Who commonly makes improvements in manufacturing machinery?

(see the answer keys)

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