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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. When was the Bank of England incorporated?

2. What is capital?

3. What can be said for division of labor for all kinds of manufacturing?

4. What is the real price of a thing a person wants?

5. What commodity would a butcher be unlikely to exchange for?

Short Essay Questions

1. Who or what is involved in the manufacture and sale of a woolen coat?

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

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

4. What two advantages did the banking companies of Scotland gain by dealing only with men who had frequent and regular operations with them?

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

6. 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?

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

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

9. 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.

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Merchants and manufacturers desire the most extensive foreign sale for their goods but their home country has no jurisdiction in foreign nations. Consequently, they are obliged to petition for certain encouragements to exportation. These encouragements what are called drawbacks. Explain with examples how drawbacks work for both the exporting and importing country. What are the benefits and/or hindrances to both?

Essay Topic 2

Define and give examples for the two different meanings of the word 'value' as applied to use and exchange.

Essay Topic 3

Define and give examples for the two kinds of stock a workman may possess. Explain and give examples for the three ways stock is used for personal consumption.

(see the answer keys)

This section contains 1,097 words (approx. 4 pages at 300 words per page) View a FREE sample