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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. What kind of revenue constitutes the whole annual produce of the a country's land and labor?

2. What was the original price, the first purchase cost, for all things?

3. What does the text say about the difference of the natural talents in men?

4. What kind of rent comes to the landlord after deducting the expense of management, of repairs, and all other necessary charges?

5. Labor measures the value of price which resolves itself into labor, rent, and what one other thing?

Short Essay Questions

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

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

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

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

5. What three circumstances increase the quantity of work as a consequence of the division of labor?

6. 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?

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

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

9. How do fixed capital and circulating money resemble each other?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

There are two different views concerning whether or not a nation in wealthy. One view says that money is the measure of wealth, while the other says movable goods are the measure. Compare and contrast these two points of view.

Essay Topic 2

With specific examples, compare and contrast the forms of defense among these different societies - 1. a nation of hunters; 2. a nation of shepherds; 3. a nation of husbandmen with no foreign commerce or manufacture.

Essay Topic 3

Explain with examples how restraining, high duties, or absolute prohibitions on the importation of foreign goods that can be produced at home secure a domestic monopoly.

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