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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 is the third part of capital use in every growing society?
(a) Manufacturers.
(b) Inland commerce.
(c) Agriculture.
(d) Foreign commerce.

2. What was the common rate of interest on borrowing through the greater part of Europe before the discovery of the West Indies?
(a) 12%.
(b) 11%.
(c) 10%.
(d) 9%.

3. Where do a merchant's or retailer's profits come from?
(a) From what they save.
(b) From what they sell.
(c) From what they both buy and sell.
(d) From what they buy.

4. According to the author why, two or three centuries before, were his British ancestors mostly idle concerning industry?
(a) There was no sufficient encouragement to industry.
(b) There was no sufficient wage to work in industry.
(c) There was no sufficient industry to work in.
(d) There was no sufficient encouragement to earn a wage.

5. In Great Britain, what is inserted into the annual land and malt taxes?
(a) An annuity equivalent.
(b) A borrowing clause.
(c) A perpetual funding clause.
(d) A liberty ot redeem clause.

Short Answer Questions

1. In modern armies, what is of more importance in determining the fate of battles?

2. Who besides productive and unproductive laborers are all equally maintained by the annual produce of the land and labor of the country?

3. What comes before convenience?

4. What is an example of a mercantile project?

5. What do hoarders fear in a rude state of society with no great mercantile or manufacturing capital?

Short Essay Questions

1. The whole annual produce of the land and labor of every country, which comes either from the ground, or from the hands of the productive laborers, is divided into what two parts?

2. What happens when a country forbids collecting interest on borrowed money?

3. Define the original two kinds of militia.

4. What are the three ways capital is used in the natural growth of a new society?

5. In the North American colonies, what does an artificer do who has acquired a little more stock than is necessary for carrying on his own business in supplying the neighboring country?

6. How does a country fix the rate of interest on borrowed money so as to discourage usury?

7. What is a drawback?

8. What is the principal cause for the rapid progress of the American colonies towards wealth?

9. How is the military an example of unproductive labor?

10. What is necessary for commerce and manufacturing to flourish in a nation?

(see the answer keys)

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