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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. Who concluded the treaty of commerce between England and Portugal in 1703?

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

3. What is the second part of capital use in every growing society?

4. What is the third part of capital use in every growing society?

5. What has increased in countries where interest on borrowed money has been prohibited by law?

Short Essay Questions

1. What is the difference between the two kinds of labor?

2. How is unproductive labor maintained by revenue?

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

4. How does a country fix the rate of interest on borrowed money so as to discourage usury?

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

6. How has the natural order of growth been inverted in some of the the modern states of Europe?

7. How does the capital of a retailer and manufacturer differ?

8. Why does want of parsimony in time of peace necessitate the contracting of debt in time of war?

9. What are the two ways a borrower can use borrowed stock?

10. In the North American colonies, what does an artificer do who has acquired a little more stock than is necessary for carrying on his own business in supplying the neighboring country?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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.

Essay Topic 2

"When a nation binds itself by treaty either to permit the entry of certain goods from one foreign country which it prohibits from all others, or to exempt the goods of one country from duties to which it subjects those of all others, the country, or at least the merchants and manufacturers of the country, whose commerce is so favored, must necessarily derive great advantage from the treaty." Explain with examples, how treaties, though they may be advantageous to the merchants and manufacturers of the favored, are necessarily disadvantageous to those of the favoring country.

Essay Topic 3

Explain with examples what happens to commerce in a society when gold and silver are devalued.

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