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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. By the nature of things, what must there be before the division of labor in a particular job?

2. What is a person's revenue equal to?

3. What is the ultimate and real standard by which the value of all commodities can, at all times and places, be estimated and compared?

4. What are the three original sources of all revenue?

5. What is another name for paper money?

Short Essay Questions

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

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

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

4. What is the difference between the real price of a commodity and the nominal price of a commodity?

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

6. Who commonly makes improvements in manufacturing machinery?

7. 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.

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

9. In all countries, why are precious metals the preferred means of commerce?

10. Why was the weighing of precious metals a problem with their use in their crude state?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Explain with examples what happens to commerce in a society when gold and silver are devalued.

Essay Topic 2

Merchants and manufacturers desire the most extensive foreign sale for their goods but their home country has no jurisdiction in foreign nations. Consequently, they are obliged to petition for certain encouragements to exportation. These encouragements what are called drawbacks. Explain with examples how drawbacks work for both the exporting and importing country. What are the benefits and/or hindrances to both?

Essay Topic 3

"The increase and riches of commercial and manufacturing towns contributed to the improvement and cultivation of the countries to which they belonged in three different ways." Explain with examples the three ways mentioned in the quote above.

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