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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. Which country's inland navigation caused its early improvement?

2. When was the Bank of England incorporated?

3. What does the division of labor do for a manufacturer?

4. What becomes the common instrument of commerce when barter ceases?

5. What is capital?

Short Essay Questions

1. What two values does the workman add to manufactured materials?

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

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

4. How is the circulating capital of a society different from that of an individual?

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

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

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

8. 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.

9. Explain a farmer's fixed and circulating capital.

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Explain with examples, why bounties ought to be given only to those branches of trade which cannot be carried on without them.

Essay Topic 2

Explain with examples, the three reasons why laying extraordinary restraints upon particular countries with which the importation of goods of almost all kinds from balance of trade is not disadvantageous as supposed, but rather the results of national prejudice and animosity.

Essay Topic 3

The text says "Labour measures the value not only of that part of price which resolves itself into labour, but of that which resolves itself into rent, and of that which resolves itself into profit." Explain with examples how the price of every commodity in every improved society finally resolves itself into all of those three parts.

(see the answer keys)

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