View a FREE sample

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

Multiple Choice Questions

1. What do princes and sovereign states frequently do with their coinage?
(a) Refuse to change the quantity of pure metal contained in their coins.
(b) Substitute the quantity of pure metal contained in their coins.
(c) Augment the quantity of pure metal contained in their coins.
(d) Diminish the quantity of pure metal contained in their coins.

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

3. Labor measures the value of price which resolves itself into labor, rent, and what one other thing?
(a) Demand.
(b) Profit.
(c) Tax.
(d) Wages.

4. What is another name for paper money?
(a) Circulating notes.
(b) Debtors' notes.
(c) Promissory notes.
(d) Commerce notes.

5. What three ways do we obtain from one another the greater part of those mutual good offices which we stand in need of?
(a) By ingenuity, by treaty, or by purchase.
(b) By labor, by charity, or by ingenuity.
(c) By labor, by barter , or by charity.
(d) By treaty, by barter, or by purchase.

6. How many general types of circulating capital are there?
(a) Two.
(b) Five.
(c) Three.
(d) Four.

7. What is one characteristics of a fixed capital?
(a) It always changes masters.
(b) It goes back and forth between masters.
(c) It has no real master.
(d) It never changes masters.

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) Production.
(b) Labor.
(c) Silver.
(d) Gold.

9. What is the intention of the fixed capital?
(a) To decrease the number of workmen needed.
(b) To increase the productive powers of labour.
(c) To increase the speed of manufacturing.
(d) To decrease the overhead cost of manufacturing.

10. According to Homer, how much did the armor of Diomede cost?
(a) Ten oxen.
(b) Nine oxen.
(c) Eleven oxen.
(d) Eight oxen.

11. What kind of business does not lend itself to many subdivisions of labor?
(a) Ship building.
(b) Agriculture.
(c) Foundry.
(d) Textile manufacturing.

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

13. How does division of labor affect the time required for the manufacturing process?
(a) It reduces the time for a product to be completed.
(b) It lengthens the time of production while producing a better product.
(c) It reduces the time between a workman's different tasks.
(d) It lengthens the overall time of production.

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

15. How many general types of fixed capital are there?
(a) Five.
(b) Four.
(c) Two.
(d) Three.

Short Answer Questions

1. What is the nominal price of a commodity?

2. What was the common instrument of commerce among the ancient Spartans?

3. In the ancient world, what was considered a most wonderful and dangerous exploit of navigation?

4. What can be said for division of labor for all kinds of manufacturing?

5. Under what circumstance would every man have to perform exactly the same duties and do exactly the same work?

(see the answer keys)

This section contains 618 words (approx. 3 pages at 300 words per page) View a FREE sample