Elementary Papers.	3 71
Mercantile Theory ? What change was effected in that theory by the writings of Mr. Mun ?
2.	Give a short account of the Mercantile Theory and its political consequences as it existed in Adam Smith's day.
3.	Give an outline of the plan of Adam Smith's argument against the Mercantile Theory.
4.	Distinguish Value from Price, and show that there can be no alteration in general values.
5.	State and illustrate Mill's three degrees of difficulty of attainment, and show how an article may belong at different times to different classes. State the law of value for each.
6.	Can high wages make high prices ? If not, why not ?
XII.
[Adam Smith, Book iv. Chapfers iii.-v.; Mill, Book ill.
Chapters vi.-xi.]
1.	Explain Natural Value, Monopoly Value, Cost Value, Market Value, Scarcity Value.
2.	Consider how far Wages, Profits, and Rent, are respectively capable of entering as cause into Price. State all the cases in which price can be permanently below the cost of production.
3.	Origin and functions, supply and demand of Money. Reasons for selecting gold and silver as Money. What is Mill's chief error in currency theory ? Show that Adam Smith was free from it.
[Adam Smith, p. 341.]
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