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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Where are the separation of different trades and employments from one another generally found?
(a) In those countries which have yet to pursue industry and improvement.
(b) In those countries which enjoy the highest degree of industry and improvement.
(c) In those countries which are have completed their industry and improvement.
(d) In those countries which have the least degree of industry and improvement.

2. What is the common instrument of commerce and exchanges in Virginia?
(a) Salt.
(b) Shells.
(c) Sugar.
(d) Tobacco.

3. Commonly, why does man #1 help man #2?
(a) Because man #1 derives personal benefit from helping man #2.
(b) Because man #1 has a capacity for benevolence.
(c) Because man #1 sees man #2's genuine need for help.
(d) Because man #2 has agreed to pay man #1.

4. What is one consequence for society where the division of labor is practiced?
(a) There is no unemployment.
(b) All men are capable of learning a new trade.
(c) Manufacturing is always growing.
(d) Wealth is enjoyed by even the lowest classes of people.

5. What is true about the amount of metal coins which circulate in a society?
(a) They are equal to the revenue of the society.
(b) They can never be equal to the revenue of the society.
(c) They have no relation to the revenue of the society.
(d) They fluctuate the revenue of the society.

6. To what price do all commodities gravitate?
(a) The nominal price.
(b) The natural price.
(c) The effectual price.
(d) The stated price.

7. How are the dispositions that form the difference of talents of various professions considered?
(a) They are considered a hindrance to progress.
(b) They are considered inconsequential.
(c) They are considered obstacles to overcome.
(d) They are considered useful.

8. What is the ultimate and real standard by which the value of all commodities can, at all times and places, be estimated and compared?
(a) Gold.
(b) Labor.
(c) Silver.
(d) Production.

9. What regulates the price of every particular commodity?
(a) Labor and wages.
(b) Supply and demand.
(c) Profit and wages.
(d) Labor and profit.

10. What is it called when gold purchases goods in one foreign country in order to supply the consumption of another?
(a) Carrying trade.
(b) Consumption trade.
(c) Foreign purchase trade.
(d) Domestic revenue trade.

11. By the nature of things, what must there be before the division of labor in a particular job?
(a) The accumulation of stock.
(b) The distribution of goods.
(c) The training of workmen.
(d) The acquistion of capital.

12. What was one problem with the use of rude metals?
(a) Weighing them.
(b) Keeping them safe.
(c) Mining them.
(d) Transporting them.

13. According to the text, what does this saying describe: "Give me that which I want, and you shall have this which you want"?
(a) A fair trade.
(b) A business propostion.
(c) A bargain.
(d) A mutual offer.

14. When was the Bank of England incorporated?
(a) The 27th of July, 1695.
(b) The 27th of July, 1693.
(c) The 27th of July, 1694.
(d) The 27th of July, 1696.

15. Who are most likely to make improvements upon or invent new machines for manufacture?
(a) The owner of the manufacturing process.
(b) The man who is responsible for the running of the manufacturing process.
(c) The man who repairs and cleans the machines.
(d) Those who work with or make the machines.

Short Answer Questions

1. A part of which area was included in ancient Scythia?

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

3. What is the sole end and purpose both of the fixed and circulating capitals?

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

5. What kind of business does not lend itself to many subdivisions of labor?

(see the answer keys)

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