View a FREE sample

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

Short Answer Questions

1. The ordinary or average rates of wages, profit, and rent may also be called what?

2. In all countries, what do men prefer in exchange for commodities?

3. Why are new machines more likely to be invented under division of labor?

4. What is the intention of the fixed capital?

5. What is a person's revenue equal to?

Short Essay Questions

1. Why is the division of labor not considered the effect of human wisdom?

2. Give an example of one kind of job which requires a great town.

3. How does private property change the land of any country?

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

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

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

8. Why was the assaying of precious metals originally a problem?

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

10. 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.

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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.

Essay Topic 2

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 3

"Though all capitals are destined for the maintenance of productive labor only, yet the quantity of that labor which equal capitals are capable of putting into motion varies extremely according to the diversity of their employment." Explain and give examples of the four different ways that capital can be employed and tell why these four ways are absolutely necessary.

(see the answer keys)

This section contains 1,139 words (approx. 4 pages at 300 words per page) View a FREE sample