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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. Under what circumstance would every man have to perform exactly the same duties and do exactly the same work?
(a) If there were no manufacturers of commodities.
(b) If there were no difference of talent.
(c) If there were no organized society.
(d) If there were no truck, barter, and exchange.

2. What kind of revenue constitutes the whole annual produce of the a country's land and labor?
(a) Net revenue.
(b) Production revenue.
(c) Gross revenue.
(d) Consumption revenue.

3. What kind of rent comes to the landlord after deducting the expense of management, of repairs, and all other necessary charges?
(a) Gross rent.
(b) Production rent.
(c) Net rent.
(d) Consumption rent.

4. What kind of commodity must be sold quickly?
(a) Those no longer wanted.
(b) Those which will not endure.
(c) Those in short supply.
(d) Those with abundance of supply.

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

Short Answer Questions

1. What does the division of labor do for individual workmen?

2. What is the actual price at which any commodity is commonly sold called?

3. How many times more goods on a broad-wheeled wagon can be carried from London to Edinburgh by water-carriage in the same amount of time?

4. Why are new machines more likely to be invented under division of labor?

5. In what country is the Ganges River?

Short Essay Questions

1. Using an example from the text, explain how the value of the most precious metal used for coinage regulates the value of coins made with a lesser metal.

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

3. How are the differences in men of different professions fostered?

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

5. 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?

6. Who commonly makes improvements in manufacturing machinery?

7. Give an example of one kind of job which requires a great town.

8. What two values does the workman add to manufactured materials?

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

10. What was the purpose of the first public stamps affixed to metals?

(see the answer keys)

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