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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

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

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

3. What is the nominal price of a commodity?
(a) The price of its raw materials.
(b) The net profit for the seller.
(c) The labor it took to produce it.
(d) The price asked for it.

4. The ordinary or average rates of wages, profit, and rent may also be called what?
(a) The common rates.
(b) The natural rates.
(c) The commodity rates.
(d) The derived rates.

5. What is the real measure of the exchangeable value of all commodities?
(a) Labor.
(b) Exchange of goods.
(c) Barter.
(d) Gold.

Short Answer Questions

1. What word expressed the weight or quantity of metal contained in the first coins?

2. What was one problem with the use of rude metals?

3. What year was the Bank of England allowed to enlarge its capital stock?

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

5. How long would it take for a broad-wheeled wagon, attended by two men, and drawn by eight horses, to carry four tons of goods between London and Edinburgh?

Short Essay Questions

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

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

3. 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?

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

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

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

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

8. Give one example of how a country workman is obliged to apply himself to all the different branches of industry that employ the same sort of materials.

9. Circulating capital which affords a revenue is composed of four parts. What are those four parts?

10. What are the two possible origins of the propensity to truck, barter, and exchange one thing for another?

(see the answer keys)

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