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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. Who should own lands like parks, gardens, and public walks?
(a) Individual owners.
(b) The crown.
(c) No one.
(d) The public.

2. What is the old subsidy rule?
(a) By act of parliment, duties are imposed only on foreign goods.
(b) Any particular employment cannot draw a greater share of capital to hinder they duty from other employments.
(c) Drawbacks must preserve the natural division and distribution of labor in society.
(d) Merchants were allowed to draw back half their duty on exported goods.

3. What is a common source of revenue for small republics?
(a) Small businesses.
(b) Exports.
(c) Mercantile projects.
(d) Surplus goods.

4. Where do a farmer's or manufacturer's profits come from?
(a) From their stock.
(b) From their surplus.
(c) From what they produce.
(d) From their reserve.

5. St. Thomas and Santa Cruz are the only new world countries ever possessed by which country?
(a) Sweden.
(b) Germany.
(c) Denmark.
(d) Holland.

Short Answer Questions

1. What does the part of the annual production of the land and labor of any country which replaces a capital do?

2. How does annual consumption compare to annual spending?

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

4. What did the council of Castile determine?

5. What was the first article in the treaty of commerce between England and Portugal?

Short Essay Questions

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

2. What are bounties?

3. What are the four general maxims regarding taxes?

4. What were the consequences of the German and Scythian nations overrunning the western provinces of the Roman empire?

5. Why do most men choose to employ their capitals in the improvement and cultivation of land?

6. Why does want of parsimony in time of peace necessitate the contracting of debt in time of war?

7. What is a drawback?

8. How is unproductive labor maintained by revenue?

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

10. What are the two ways to impose land tax?

(see the answer keys)

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