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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 one consequence of marketplace competition?
(a) It lowers the profits of stock.
(b) It raises the profits of stock.
(c) It lowers the need for workmen.
(d) It lowers the wages of labor.

2. What must defray the expense of defense and government?
(a) Revenue.
(b) Draw backs fees.
(c) Exports bounties.
(d) Profit.

3. How are capitals diminished?
(a) By parsimony.
(b) By industry.
(c) By prodigality.
(d) By revenue.

4. When a government has borrowed a great deal of money, what is the justification for imposing new taxes?
(a) To refill the emptied treasury.
(b) To pay back the borrowed money.
(c) To run a government which has become more expensive.
(d) To pay the interest on the borrowed money.

5. What does a North American colonial artificer do when he has acquired a little more stock than is necessary for carrying on his own business in supplying the neighboring country?
(a) He seeks to sell in distance towns.
(b) He reinvests his stock into his business.
(c) He invests his stock in more workmen.
(d) He buys land for improvement.

Short Answer Questions

1. Where does vanity almost always lead?

2. What was unserviceable for corn merchants, exporters, and importers?

3. As capital increases in any country, what happens to the profits which can be made by employing them ?

4. Who established the French colony of St. Domingo?

5. During the sixteenth century, who claimed all of America as its own?

Short Essay Questions

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

2. How is unproductive labor maintained by revenue?

3. Why would the proprietor of a colonist's land not dispute over wages, and indeed pay high wages?

4. What are the four general maxims regarding taxes?

5. What is the first duty of the sovereign and how is it performed?

6. Define the original two kinds of militia.

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

8. 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?

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

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

(see the answer keys)

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