Quiz: Capital, Volume II

15 questions drawn at random. Score 80% for a silver medal.

1. 1. What relation do time of circulation and time of production have, according to chapter V?

   Circulation time creates surplus-value They are always equal They overlap completely in every branch They mutually exclude one another
2. 2. Into which two elements is the money-capital converted in the first stage?

   Labour-power and means of production Wages and rent Fixed capital and circulating capital Gold and credit
3. 3. How, according to chapter IV, can capital be understood?

   Only as a legal title Only as a sum of money Only as means of production Only as a thing in motion, not at rest
4. 4. What does the transportation industry sell, according to Marx?

   A change of location Storage space Insurance against loss Nothing, since it is unproductive
5. 5. What is the condition of simple reproduction between the two departments?

   I (c + s) = II (c + v) I (v + s) = II c I (c + v) = II (v + s) I v = II s
6. 6. Why, according to Marx, does the capitalist “sell dearer than he has bought”?

   Because his commodity contains a greater value than its elements Because money is scarce and its value rises against commodities Because buyers are cheated by a mark-up added in circulation Because competition lets him sell above its value
7. 7. What kind of money does Marx assume throughout Volume II?

   Credit-money and bills Paper tokens of value Metallic money Labour certificates
8. 8. What does Marx call the “slogan” of the circulation of money-capital?

   Production for use, not for profit Buying to sell dearer Accumulate, accumulate! Money begets more money
9. 9. Which cycle does Marx say is the basis of Quesnay’s Tableau Économique?

   C′...C′, the cycle of commodity-capital M-C-M, the circulation of money as capital P...P, the cycle of productive capital M...M′, the cycle of money-capital
10. 10. What “distribution” does Marx say lies behind the process M-C{L, Pm}?

    The distribution of the elements of production The distribution of gold among nations The distribution of profits among the capitalists The distribution of articles of consumption
11. 11. What is the formula for the circulation process of money-capital?

    C-M-C M-C...P...C′-M′ M-M′ P...C′-M′-C...P
12. 12. According to the contractor’s testimony of 1857, how were London houses now mostly built?

    By the municipality To order, paid in instalments On speculation, for the market By building societies
13. 13. What is “virtual” wear and tear?

    Damage from weather and idleness to equipment that stands unused Physical wear from use, spread over the working life of the machine Loss of value because the same equipment later becomes cheaper Wear estimated in advance by the accountant rather than observed
14. 14. To whom were Volumes II and III to be dedicated?

    Marx’s wife Engels Wilhelm Wolff The International Working Men’s Association
15. 15. What is the “general law” about expenses of circulation arising only from changes of form?

    They are borne by landowners as deductions from rent They are paid out of wages They add value to commodities in proportion to their cost They do not add any value to the commodities