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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. At the time the book was written, what commodity regulated the value of all other home-made commodities?
(a) Wheat.
(b) Corn.
(c) Textiles.
(d) Wine.

2. At the time the book was written, what increased the price of gold exported from Spain and Portugal?
(a) More mines found.
(b) Smuggling.
(c) Depleted mines.
(d) Gold from Peru.

3. What gave Great Britain the monopoly of supplying the colonies with all the commodities of growth and manufacturing?
(a) The Trade Agreement of 1780.
(b) The North American Trade Agreement.
(c) The Colonial Commerce Bill.
(d) The Act for the Encouragement of Trade.

4. What does the part of the annual production of the land and labor of any country which replaces a capital do?
(a) It replaces the needed materials of manufacturing.
(b) It pays the wages of unproductive labour.
(c) It pays the wages of productive labour.
(d) It restores the depleted stock.

5. What determines the ordinary market price of land?
(a) The ordinary market rate of gold.
(b) The ordinary market rate of product consumption.
(c) The ordinary market rate of corn.
(d) The ordinary market rate of interest.

Short Answer Questions

1. What kind of wine is not a European commodity?

2. When a government has borrowed a great deal of money, what is the justification for imposing new taxes?

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

4. What must defray the expense of defense and government?

5. During the twelve years of the reign of Queen Anne, what was the highest interest rate which could be taken for borrowed money?

Short Essay Questions

1. How is the interest rate for borrowed money determined?

2. What are bounties?

3. What are the two ways to impose land tax?

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

5. What is the first duty of the sovereign and how is it performed?

6. What were the consequences of the German and Scythian nations overrunning the western provinces of the Roman empire?

7. According to the author, why do men prefer slave labor rather than the services of freemen?

8. 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?

9. What is a drawback?

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

(see the answer keys)

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