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 Test Bank for Macroeconomics, 9th Edition:
Parkin
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Macroeconomics, 9e (Parkin)
Chapter 1 What Is Economics?

1 Definition of Economics

1) All economic questions are about

A) how to make money.
B) what to produce.
C) how to cope with scarcity.
D) how to satisfy all our wants.
Answer: C
Topic: Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking

2) An incentive
A) could be a reward but could not be a penalty.
B) could be a penalty but could not be a reward.
C) could be either a reward or a penalty.
D) is the opposite of a tradeoff.
Answer: C
Topic: Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking

3) An inducement to take a particular action is called

A) the marginal benefit.
B) the marginal cost.
C) opportunity cost.
D) an incentive.
Answer: D
Topic: Incentive
Skill: Recognition
AACSB: Reflective Thinking

4) All economic questions arise because we

A) want more than we can get.
B) want more than we need.
C) have an abundance of resources.
D) have limited wants that need to be satisfied.
1
Copyright © 2010 Pearson Education, Inc.
Answer: A Topic:
Scarcity Skill:
Recognition
AACSB: Reflective Thinking

2
Copyright © 2010 Pearson Education, Inc.
5) The most fundamental economic problem is
A) security.
B) scarcity.
C) health.
D) the fact the United States buys more goods from foreigners than we sell to foreigners.
Answer: B
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

6) Economics is best defined as the study of how people, businesses, governments, and societies
A) choose abundance over scarcity.
B) make choices to cope with scarcity.
C) use their infinite resources.
D) attain wealth.
Answer: B
Topic: Scarcity
Skill: Conceptual
AACSB: Reflective Thinking

7) Scarcity is a situation in which

A) people cannot satisfy all their wants.
B) most people can get only bare necessities.
C) people can satisfy all their wants.
D) some people can get all they want and some cannot.
Answer: A
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

8) Economists point out that scarcity confronts

A) neither the poor nor the rich.
B) the poor but not the rich.
C) the rich but not the poor.
D) both the poor and the rich.
Answer: D
Topic: Scarcity
Skill: Conceptual
AACSB: Ethical Reasoning

3
Copyright © 2010 Pearson Education, Inc.
9) Scarcity requires that people must
A) cooperate.
B) compete.
C) trade.
D) make choices.
Answer: D
Topic: Scarcity
Skill: Conceptual
AACSB: Reflective Thinking

10) All economic questions arise because

A) people are greedy.
B) production possibilities are unlimited.
C) we want more than we can get.
D) people are irrational.
Answer: C
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

11) Scarcity is
A) our inability to satisfy all our wants.
B) a situation that exists during economic recessions but not during economic booms.
C) when a child wants a $1.00 can of soda and two 50¢ packs of gum and has $2.00 in her
pocket.
D) an economic problem only for poor people.
Answer: A
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

12) Scarcity arises from

A) inefficient production.
B) exploration.
C) limited resources and limitless wants.
D) limited wants and limitless resources.
Answer: C
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

4
Copyright © 2010 Pearson Education, Inc.
13) When an economist talks of scarcity, the economist is referring to the
A) ability of society to employ all of its resources.
B) ability of society to consume all that it produces.
C) inability of society to satisfy all human wants because of limited resources.
D) ability of society to continually make technological breakthroughs and increase production.
Answer: C
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

14) Scarcity is experienced by

A) only the wealthy.
B) only the poor.
C) only producers.
D) everyone.
Answer: D
Topic: Scarcity
Skill: Recognition
AACSB: Ethical Reasoning

15) Fundamental economic problems basically arise from

A) the fact that society has more than it needs.
B) turmoil in the stock market.
C) the unequal distribution of income.
D) our wants exceeding our scarce resources.
Answer: D Topic:
Scarcity Skill:
Recognition
AACSB: Reflective Thinking

16) Scarcity exists because

A) society and people are greedy and wasteful.
B) our wants exceed the resources available to satisfy them.
C) of the inefficient choices we make.
D) poor people need more food and other goods.
Answer: B Topic:
Scarcity Skill:
Recognition
AACSB: Reflective Thinking

5
Copyright © 2010 Pearson Education, Inc.
17) Scarcity can be eliminated through
A) the use of market mechanisms.
B) exploration that helps us find new resources.
C) wise use of our resources.
D) None of the above because scarcity cannot be eliminated.
Answer: D
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

18) As an economic concept, scarcity applies to

A) both money and time.
B) money but not time.
C) time but not money.
D) neither time nor money.
Answer: A
Topic: Scarcity
Skill: Conceptual
AACSB: Reflective Thinking

19) Scarcity is common to all economic systems because resources are

A) unlimited due to constant technological advances.
B) limited and so are human desires and wants.
C) unlimited and so are human desires and wants.
D) limited, but human desires and wants are unlimited.
Answer: D
Topic: Scarcity
Skill: Conceptual
AACSB: Reflective Thinking

20) People must make choices because

A) most people enjoy shopping.
B) of scarcity.
C) there are many goods available.
D) None of the above answers is correct.
Answer: B Topic:
Scarcity Skill:
Conceptual
AACSB: Reflective Thinking

6
Copyright © 2010 Pearson Education, Inc.
21) The problem of "scarcity" applies
A) only in industrially developed countries because resources are scarce in these countries.
B) only in underdeveloped countries because there are few productive resources in these
countries.
C) only in economic systems that are just beginning to develop because specialized resources are
scarce.
D) to all economic systems, regardless of their level of development.
Answer: D
Topic: Scarcity
Skill: Conceptual
AACSB: Reflective Thinking

22) When a wealthy businessman is unable to buy tickets to the Super Bowl, he or she
experiences .
A) economics
B) scarcity
C) opportunity costs
D) the fallacy of composition
Answer: B Topic:
Scarcity Skill:
Conceptual
AACSB: Reflective Thinking

23) In every economic system, choices must be made because resources are and our
wants are
A) unlimited; limited
B) limited; unlimited
C) unlimited; unlimited
D) limited; limited
Answer: B
Topic: Scarcity
Skill: Conceptual
AACSB: Reflective Thinking

24) The fundamental questions in economics result from

A) an excess of production over the wants of society.
B) technological progress.
C) distribution of income.
D) scarcity of resources relative to the wants of society.
Answer: D
Topic: Definition of Economics
Skill: Recognition
AACSB: Ethical Reasoning

7
Copyright © 2010 Pearson Education, Inc.
25) Economics is best defined as
A) how people make money and profits in the stock market.
B) making choices from an unlimited supply of goods and services.
C) making choices with unlimited wants but facing a scarcity of resources.
D) controlling a budget for a household.
Answer: C
Topic: Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking

26) The study of economics

A) focuses mainly on individual consumers.
B) arises from the fact that our wants exceed available resources.
C) recognizes that scarcity does not affect rich nations.
D) deals mainly with microeconomics.
Answer: B
Topic: Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking

27) Economics is best defined as the science of choice and how people cope with
A) differences in wants.
B) differences in needs.
C) scarcity.
D) different economic systems.
Answer: C
Topic: Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking

28) Which of the following best defines the subject of economics?

A) the science that studies unemployment, inflation, and economic stability
B) the art of making money
C) the study of choices that businesses make to maximize profit
D) the study of choices made to cope with scarcity
Answer: D
Topic: Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking

8
Copyright © 2010 Pearson Education, Inc.
29) Economics is the study of
A) the distribution of surplus goods to those in need.
B) affluence in a morally bankrupt world.
C) the choices we make because of scarcity.
D) ways to reduce wants to eliminate the problem of scarcity.
Answer: C
Topic: Definition of Economics
Skill: Conceptual
AACSB: Reflective Thinking

30) Which of the following is a macroeconomic topic?

A) the reasons for a rise in the price of orange juice
B) the reasons for the rise in average prices
C) why plumbers earn more than janitors
D) whether the army should buy more tanks or more rockets
Answer: B
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

31) The study of the choices made by individuals is part of the definition of
A) microeconomics.
B) positive economics.
C) macroeconomics.
D) normative economics.
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

32) In part, microeconomics is concerned with

A) how a business firm decides upon the amount it produces and the price it sets.
B) changes in the economy's total output of goods and services over long periods of time.
C) factors that explain changes in the unemployment rate over time.
D) the Federal Reserve's policy decisions.
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

9
Copyright © 2010 Pearson Education, Inc.
33) The study of the decisions of individual units in the economy is known as
A) macroeconomics.
B) microeconomics.
C) the study of incentives.
D) ceteris paribus study.
Answer: B
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

34) Which of the following is an example of a microeconomic decision?

A) an individual deciding how to allocate the time he or she has for work and leisure
B) a small shoe factory deciding how much leather to purchase for the next quarter's production
need
C) a multinational company deciding where to relocate its world headquarter
D) All of the above answers are correct.
Answer: D
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

35) Which term best describes the study of the decisions of people and businesses and the
interaction of these decisions?
A) marginal study
B) macroeconomics
C) microeconomics
D) scarcity science
Answer: C
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

36) Which of the following questions is a topic that would be studied by microeconomics?
A) Why did production and the number of jobs shrink in 2008?
B) Will the current budget deficit affect the well-being of the next generation?
C) How will a lower price of digital cameras affect the quantity of cameras sold?
D) What is the current unemployment rate in the United States?
Answer: D
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

10
Copyright © 2010 Pearson Education, Inc.
37) An example of a question that might be explored in microeconomics is to determine
A) the number of workers employed by Intel.
B) savings by the household sector.
C) why the U.S. economy has grown more rapidly than the Japanese economy.
D) the total employment within the U.S. economy.
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

38) One topic of study for a microeconomist would be the

A) factors that lead to inflation.
B) factors that affect aggregate unemployment.
C) effects an increase in the price of gasoline has on an individual.
D) effects of an increase in government spending on the nation's production.
Answer: C
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

39) In part, microeconomics is concerned with the study of

A) unemployment and economic growth.
B) the Federal Reserve's policies.
C) the effect government regulation has on the price of a product.
D) national output of goods and services.
Answer: C
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

40) The branch of economics that deals with the analysis of the whole economy is called
A) macroeconomics.
B) marginal analysis.
C) microeconomics.
D) metroanalysis.
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

11
Copyright © 2010 Pearson Education, Inc.
41) Macroeconomics is concerned with
A) individual consumers.
B) government decision making concerning farm price supports.
C) economy-wide variables.
D) the effects on Ford Motor of a strike by the United Auto Workers.
Answer: C
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

42) Macroeconomics differs from microeconomics in that:

A) macroeconomics studies the decisions of individuals.
B) microeconomics looks at the economy as a whole.
C) macroeconomics studies the behavior of government while microeconomics looks at private
corporations.
D) macroeconomics focuses on the national economy and the global economy.
Answer: D
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

43) Which of the following is a macroeconomic decision or concept?

A) the price of oil
B) how many television sets to produce
C) the unemployment rate for the entire economy
D) the unemployment rate for each firm
Answer: C
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

44) Which of the following questions is a macroeconomic issue?

A) How many more pounds of cookies will a consumer purchase if the price of cookies
decreases?
B) What effect would a cure for Mad Cow Disease have on the market for beef?
C) What is the future growth prospect for an economy?
D) How many workers should the owner of a business hire?
Answer: C
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

12
Copyright © 2010 Pearson Education, Inc.
45) Which of the following is a microeconomic topic?
A) The reasons why Kathy buys less orange juice.
B) The reasons for a decline in average prices.
C) The reasons why total employment decreases.
D) The effect of the government budget deficit on inflation.
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

46) Microeconomics focuses on all of the following EXCEPT the

A) purchasing decisions made by an individual consumer.
B) effect on inflation of increasing the money supply.
C) hiring decisions made by a business.
D) effect on cigarette sales of an increase in the tax on cigarettes.
Answer: B
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

47) In broad terms the difference between microeconomics and macroeconomics is that
A) they use different sets of tools and ideas.
B) microeconomics studies decisions of individual people and firms and macroeconomics studies
the entire national economy.
C) macroeconomics studies the effects of government regulation and taxes on the price of
individual goods and services whereas microeconomics does not.
D) microeconomics studies the effects of government taxes on the national unemployment rate.
Answer: B
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

48) Studying the determination of prices in individual markets is primarily a concern of

A) positive economics.
B) negative economics.
C) macroeconomics.
D) microeconomics.
Answer: D
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

13
Copyright © 2010 Pearson Education, Inc.
49) The analysis of the behavior of individual decision-making units is the definition of
A) microeconomics.
B) positive economics.
C) macroeconomics.
D) normative economics.
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

50) Which of the following is a microeconomic topic?

A) How a trade agreement between the United States and Mexico affects both nations'
unemployment rates.
B) Comparing inflation rates across countries.
C) How rent ceilings impact the supply of apartments.
D) How a tax rate increase will impact total production.
Answer: C
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

51) Which of the following questions is NOT a microeconomic question?

A) Can the Federal Reserve keep income growing by cutting interest rates?
B) How would a tax on e-commerce affect eBay?
C) What is Britney's opportunity cost of having another baby?
D) Does the United States have a comparative advantage in information technology services?
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

52) Which of the following is a macroeconomic issue?

A) How a rise in the price of sugar affects the market for sodas.
B) How federal government budget deficits affect interest rates.
C) What determines the amount a firm will produce.
D) The cause of a decline in the price of peanut butter.
Answer: B
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

14
Copyright © 2010 Pearson Education, Inc.
53) Which of the following is a macroeconomic issue?
A) The purchasing decisions that an individual consumer makes.
B) The effect of increasing the money supply on inflation.
C) The hiring decisions that a business makes.
D) The effect of an increase in the tax on cigarettes on cigarette sales.
Answer: B
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

54) Macroeconomic topics include

A) total, nationwide employment.
B) studying what factors influence the price and quantity of automobiles.
C) studying the determination of wages and production costs in the software industry.
D) the impact of government regulation of markets.
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
AACSB: Reflective Thinking

55) Macroeconomics is the branch of economics that studies

A) prices of individual goods.
B) the way individual markets work.
C) the economy as a whole.
D) important, as opposed to trivial, issues.
Answer: C
Topic: Microeconomics and Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

56) The fact that wants cannot be fully satisfied with available resources reflects the definition of
A) the what tradeoff.
B) scarcity.
C) the big tradeoff.
D) for whom to produce.
Answer: B
Topic: Study Guide Question, Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking

15
Copyright © 2010 Pearson Education, Inc.
57) Studying the effects choices have on the individual markets within the economy is part of
A) scarcity.
B) microeconomics.
C) macroeconomics.
D) incentives.
Answer: B
Topic: Study Guide Question, Macroeconomics
Skill: Recognition
AACSB: Reflective Thinking

58) Economics can be defined as the social science that explains the .
A) choices made by politicians
B) choices we make when we trade in markets
C) choices that we make as we cope with scarcity
D) choices made by households
Answer: C
Topic: MyEconLab Questions
Skill: Conceptual
AACSB: Reflective Thinking

59) Scarcity is a situation in which .

A) some people are poor and others are rich
B) something is being wasted
C) we are unable to satisfy all our wants
D) long lines form at gas stations
Answer: C
Topic: MyEconLab Questions
Skill: Conceptual
AACSB: Reflective Thinking

60) Microeconomics is the study of .

A) the choices that individuals and businesses make
B) all aspects of scarcity
C) the global economy
D) the national economy
Answer: A
Topic: MyEconLab Questions
Skill: Conceptual
AACSB: Reflective Thinking

16
Copyright © 2010 Pearson Education, Inc.
2 Two Big Economic Questions

1) When an economy produces more houses and fewer typewriters, it is answering the
question.
A) "what"
B) "how"
C) "where"
D) "for whom"
Answer: A
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

2) When firms in an economy start producing more computers and fewer televisions, they are
answering the question.
A) "when"
B) "for whom"
C) "what"
D) "where"
Answer: C
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

3) all the objects that we value and are willing to pay for.
A) Resources are
B) Goods and services are
C) Wants are
D) Capital is
Answer: B
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

4) If Taco Bell decides to produce more tacos and fewer burritos, Taco Bell is answering the
question.
A) "what"
B) "why"
C) "when"
D) "scarcity"
Answer: C
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

17
Copyright © 2010 Pearson Education, Inc.
5) When a farmer decides to raise hogs instead of cattle, the farmer is answering the
question.
A) "what"
B) "for whom"
C) "how"
D) "why"
Answer: A
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

6) When a farmer decides to grow sugar cane instead of radishes, the farmer is answering the
question.
A) "what"
B) "when"
C) "for whom"
D) "why"
Answer: A
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

7) When a country decides to produce fewer bombers and more public housing projects, it is
answering the question.
A) "how"
B) "what"
C) "defense"
D) "for whom"
Answer: B
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

8) When a firm decides to produce more electric cars and fewer gas guzzlers, it is most directly
answering the question.
A) "how"
B) "scarcity"
C) "what"
D) "for whom"
Answer: C
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

18
Copyright © 2010 Pearson Education, Inc.
9) When a textile firm decides to produce more cotton fabric and less synthetic fabric, it is most
directly answering the question.
A) "how"
B) "for whom"
C) "why"
D) "what"
Answer: D
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

10) U.S. producers decide to produce more compact cars and fewer SUVs as the price of
gasoline rises. Producers are answering the question.
A) "what"
B) "how"
C) "when"
D) "how many"
Answer: A
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

11) The question "Should CDs or DVDs be produced?" is an example of the

A) "what" question.
B) "how" question.
C) "where" question.
D) "for whom" question.
Answer: A
Topic: What Goods and Services Are Produced?
Skill: Conceptual
AACSB: Reflective Thinking

12) Which of the following statements is correct?

A) The United States produces more goods than services.
B) The United States produces more services than goods.
C) The percentage of people producing goods in the United States has steadily increased over the
last 60 years.
D) The United States produces an equal amount of goods and services.
Answer: B
Topic: Trends in Production
Skill: Recognition
AACSB: Reflective Thinking

19
Copyright © 2010 Pearson Education, Inc.
13) In the United States, the percentage of people employed in over the last 60 years.
A) farming has increased
B) manufacturing has increased
C) construction has increased
D) services has decreased
Answer: A
Topic: Trends in Production
Skill: Recognition
AACSB: Reflective Thinking

14) In the U.S. economy, which of the following statements is true?

A) More goods are produced than services.
B) More services are produced than goods.
C) Production is divided evenly between goods and services.
D) The economy is too complex to determine the proportion of production that is devoted to
producing services.
Answer: B
Topic: Trends in Production
Skill: Recognition
AACSB: Reflective Thinking

15) Over the last 60 years, as a proportion of total production, the U.S. economy has produced
more
A) goods.
B) agricultural products.
C) services.
D) goods and services.
Answer: C
Topic: Trends in Production
Skill: Recognition
AACSB: Reflective Thinking

16) In the U.S. economy, a recent trend has been that

A) employment in agriculture has been increasing.
B) employment in mining, construction, and manufacturing has been increasing.
C) employment in the service industry has been increasing.
D) employment in both agriculture and the service industry has been decreasing.
Answer: C
Topic: Trends in Production
Skill: Recognition
AACSB: Reflective Thinking

20
Copyright © 2010 Pearson Education, Inc.
17) The largest part of what the United States produces today is such as .
A) goods; food and electronic equipment
B) goods; education and entertainment
C) services; trade and health care
D) services; textbooks and computers
Answer: C
Topic: Trends in Production
Skill: Recognition
AACSB: Reflective Thinking

18) When China builds a dam using few machines and a great deal of labor, it is answering the
question.
A) "what"
B) "how"
C) "where"
D) "for whom"
Answer: B
Topic: How Are Goods and Services Produced?
Skill: Conceptual
AACSB: Reflective Thinking

19) When a textile company keeps track of its inventory using a computer and its competitor
uses a spreadsheet and pencil, they are both answering the question.
A) "what"
B) "how"
C) "for whom"
D) "where"
Answer: B
Topic: How Are Goods and Services Produced?
Skill: Conceptual
AACSB: Reflective Thinking

20) Whether a company produces fishing rods mostly by hand or using high-tech machinery is a
question of
A) for whom will goods be produced.
B) why will the goods be produced.
C) where will the goods be produced.
D) how will the goods be produced.
Answer: D
Topic: How Are Goods Produced?
Skill: Recognition
AACSB: Reflective Thinking

21
Copyright © 2010 Pearson Education, Inc.
21) When a California farmer decides to harvest lettuce by the use of machines instead of by
migrant workers, the farmer is answering the question.
A) "how"
B) "for whom"
C) "scarcity"
D) "what"
Answer: A
Topic: How Are Goods Produced?
Skill: Conceptual
AACSB: Reflective Thinking

22) When a farmer decides to harvest oranges by huge machines instead of by migrant workers,
the farmer is answering the question.
A) "how"
B) "scarcity"
C) "why"
D) "what"
Answer: A
Topic: How Are Goods and Services Produced?
Skill: Conceptual
AACSB: Reflective Thinking

23) When a lawyer decides to type a brief on a computer rather than use a typewriter, the lawyer
is answering the question.
A) "how"
B) "scarcity"
C) "why"
D) "what"
Answer: A
Topic: How Are Goods and Services Produced?
Skill: Conceptual
AACSB: Reflective Thinking

24) When a firm decides to produce computers using robots instead of people, it is answering the
question.
A) "scarcity"
B) "how"
C) "what"
D) "why"
Answer: B
Topic: How Are Goods and Services Produced?
Skill: Conceptual
AACSB: Reflective Thinking

22
Copyright © 2010 Pearson Education, Inc.
25) To meet increased demand for its good, a firm decides to hire a few high-skilled workers
rather than hire many low-skilled workers. The firm is answering the question.
A) "how"
B) "when"
C) "what"
D) "scarcity"
Answer: A
Topic: How Are Goods and Services Produced?
Skill: Conceptual
AACSB: Reflective Thinking

26) An art museum decides to offer tours by having visitors listen to cassette tapes rather than
have tour guides. The museum is answering the question.
A) "scarcity"
B) "what"
C) "why"
D) "how"
Answer: D
Topic: How Are Goods and Services Produced?
Skill: Conceptual
AACSB: Reflective Thinking

27) Human capital is

A) all capital owned by individuals, but not by corporations or governments.
B) all capital owned by individuals or corporations, but not by governments.
C) machinery that meets or exceeds federal safety standards for use by humans.
D) the skill and knowledge of workers.
Answer: D
Topic: Human Capital
Skill: Recognition
AACSB: Reflective Thinking

28) Entrepreneurs do all of the following EXCEPT

A) organize labor, land, and capital.
B) come up with new ideas about what and how to produce.
C) bear risk from business decisions.
D) own all the other resources used in the production process.
Answer: D
Topic: Entrepreneurship
Skill: Recognition
AACSB: Reflective Thinking

23
Copyright © 2010 Pearson Education, Inc.
29) To answer the "for whom" question, we study
A) the global economy.
B) income differences.
C) business cycles.
D) technological change.
Answer: B
Topic: For Whom Are Goods and Services Produced?
Skill: Conceptual
AACSB: Reflective Thinking

30) The fact that people with higher incomes get to consume more goods and services addresses
the question.
A) "for whom"
B) "when"
C) "where"
D) "how"
Answer: A
Topic: For Whom Are Goods and Services Produced?
Skill: Conceptual
AACSB: Ethical Reasoning

31) Which of the following is NOT a factor of production?

A) the water used to cool a nuclear power plant.
B) the effort of farmers raising cattle.
C) the wages paid to workers.
D) the management skill of a small business owner.
Answer: C
Topic: Factors of Production
Skill: Conceptual
AACSB: Reflective Thinking

32) Which of the following are considered factors of production used to produce goods and
services?
I. Land
II. Labor
III. Capital
IV. Entrepreneurship
A) I and II only
B) I and III only
C) I, II and III only
D) I, II, III and IV
Answer: D
Topic: Factors of Production
Skill: Recognition
AACSB: Reflective Thinking

24
Copyright © 2010 Pearson Education, Inc.
33) Factors of production include all of the following EXCEPT
A) labor.
B) land.
C) capital.
D) None of the above answers are correct because all are factors of production.
Answer: D
Topic: Factors of Production
Skill: Recognition
AACSB: Reflective Thinking

34) What are the four categories into which factors of production are grouped?
A) profit, wages, rent, and interest
B) land, labor, capital, and entrepreneurship
C) capital, human capital, land, and labor
D) entrepreneurship, profit, labor, and wages
Answer: B
Topic: Factors of Production
Skill: Recognition
AACSB: Reflective Thinking

35) Factors of production include all of the following EXCEPT .

A) machines made in past years
B) money
C) entrepreneurship
D) an wheat field that is not irrigated
Answer: B
Topic: Factors of Production
Skill: Recognition
AACSB: Reflective Thinking

36) The income earned by the people who sell the services of the factor of production
is called .
A) capital; rent
B) entrepreneurship; wages
C) land; profit
D) entrepreneurship; profit
Answer: D
Topic: Factors of Production
Skill: Recognition
AACSB: Reflective Thinking

25
Copyright © 2010 Pearson Education, Inc.
Exploring the Variety of Random
Documents with Different Content
 CHAPTER XIV.
UNFORTUNATE POSTAGE-STAMP.

A street acquaintance— The fascinating widow—Fatal marriage—

Marrying another man's wife—A question of damages—Lucky hit
at Ascot.
"Do you know that you have married my wife?"
This somewhat extraordinary piece of intelligence was
communicated to my friend Alfred Drummond in his own home
about three months after he was married. The person who claimed a
prior right to the lady had scamp plainly written on his bloated
features, and he looked all over a man who lived by his wits. I
thought it an ill-advised union from the first, but when I ventured on
a word of warning, I was immediately put down as an old croaker, so
I determined to let the wilful man have his own way. The lady was
certainly beautiful in that voluptuous sense so much admired by
painters of the Dutch school, but I was not taken with her. There
was a shiftiness about her glance not pleasant to see either in horse
or human being. Although I drank to their happiness in Irroy on that
fatal wedding day, I was never sanguine of the result, but by the
utmost stretch of my imagination I could not have foreseen the
deplorable consequences. The marriage totally wrecked my friend's
life, and all but ruined me.
If men will pick up their wives in such an irregular manner, they
must not be astonished at the surprises the future has in store for
them. It will be learned from this narrative that acquaintances made
in the street are never any good. My friend met the girl he married
in a post-office; she was sending a telegram, and his business was
confined to the purchase of a penny stamp. As it turned out, the
buying of that stamp was the most unfortunate thing Drummond
ever done. I have often thought that if he had by any chance only
seen the contents of the lady's message, his eyes would have been
opened and he would have been saved much money. They spoke—I
never knew exactly how that came about, but it is easy to guess. A
look would be sufficient, for Alfred Drummond, who was one of the
most susceptible of men, but I rather think that the ill-fated intimacy
began with the restoration of a dropped handkerchief. At all events,
the meeting in the post-office ended by the lady's address being
obtained, and permission to visit her being granted. A quiet, well-
appointed brougham was waiting the fair siren outside the post-
office, and my friend came rushing to me full of the adventure, and,
so to speak, treading on air.
When you find a man is in love don't trouble to reason with him.
Labour lost. And for your own sake don't attempt to say one word
against his mistress if you want to avoid a duel to the death. Any
aspersions cast upon the whiteness of the charmer's teeth, the
colour of her hair, the smallness of her foot, or the levity of her
conduct, will never be forgiven. Mr. Alfred Drummond had had to my
knowledge many previous attacks of this love fever, but none of
them so sudden, severe, and lasting a nature as the present one. He
was perfectly infatuated, and his ravings about the lady's perfections
disgusted his more sober-minded companions. There is no doubt
Mrs. Selby—he told us that was the name—gave him great
encouragement from the commencement. It seems that on
presenting himself at the lady's villa, which was situated at West
Brompton, the door was opened by a man servant, and he was
shown into an exquisitely decorated drawing-room. He was received
most graciously, and his visits became of almost daily occurrence,
and letters were continually passing between them. On the occasion
of a carpet dance, I was introduced to my friend's enslaver, but her
shifty look created doubts about her integrity in my mind, and I did
not like the people I met at her house. If they did not belong to
Bohemia proper, they lived within hailing distance of that mystic
land. No one enjoys a "lark" more than the writer of this "ower true
tale," but when it becomes a question of marriage, too much caution
cannot be used. There would be fewer cases in the Divorce Court if
men would be ruled by their judgments instead of their passions. All
my efforts to control my friend in this matter were fruitless. I could
see things were approaching a climax, so I was not surprised at the
announcement Drummond made to me one morning, about two
months after their first interview.
"Congratulate me, old fellow," he said, bouncing into my office,
with an open note in his hand; "I have won the prize."
"I am very glad; how much is it." I knew well enough what he
meant, and was sorry to hear the news.
"It is not a prize in the French lottery; something immeasurably
superior to money."
"A castle on the Rhine, with the title of Baron attached to it?"
"No, stupid; you are extra dull this morning; the incomparable
prize is Mrs. Selby."
"Oh, the widow," I remarked; "so all mysteries have been
explained."
"I don't know what you mean; the mysteries, as you call them
originated in your own suspicious mind."
"Then tell me who is she after all. As you are going to marry
her, of course you know everything?"
"Who should she be but herself, Mrs. Selby, the widow of a City
merchant who was killed by the natives three years ago when on a
business visit to the Cape?"
"Then you have been introduced to her relations?"
"What are you driving at? I know her friends."
"I said relations."
"She has not got any; so much the better for me."
"Perhaps; but if I stood in your shoes I should like to be posted
up a little more about my wife's antecedents."
"I am satisfied, and that is everything."
 "Certainly; no offence, you know. You will be a rich man now, I
suppose."
"What do you mean?"
"I presume the expensive establishment at Brompton is not kept
up on nothing—your widow must have lots of money."
"I don't know and I don't care. I love the darling for herself. You
have always had an unpleasant word to say about Caroline; I shall
be sorry if my marriage is going to break up our friendship."
"What I said was intended for your good, Alfred, but if the die is
cast I have finished. Shake hands, wed Mrs. Selby as soon as you
like, and I wish you much happiness."
When you have a serious regard for a man, as I had for
Drummond, it grieves you to the heart to see him commit an
irreparable act of folly. I was quite confident that the widow was not
all she represented herself to be, and that her present mode of life
was to some extent enveloped in mystery. When there is so much
secrecy, there is always something objectionable to hide. But you
might as well try to turn the tide as endeavour to convince a lover
that there are any imperfections in his sweetheart. The day for the
marriage was at hand, and I was anything but reconciled to it. What
business was it of mine? You see we were like brothers. Our
friendship began at college, and became cemented when we both
secured Government appointments in the same office. Although our
natures were entirely different, Drummond's wayward, mine
consistent, no two individuals could repose greater confidence in
each other. It was not because his marriage would to some extent
separate us that I objected to it. I may have many faults, but
selfishness is not one of them. I made certain that my friend would
be one of those rash individuals who "marry in haste to repent at
leisure," and my surmises turned out to be only too correct.
He had reason to have dark forebodings himself. A letter she hid
on his appearance and refused to show him caused him considerable
uneasiness, and once he came suddenly upon her close to her house
in deep conversation with a man, to whom she did not proffer to
introduce him. He was so much under her influence at the time, she
no doubt managed to explain these trifling matters to his entire
satisfaction. The letter was probably a bill from her dressmaker, and
the stranger her solicitor's clerk. When she was reported to be ill and
confined to her room, I saw her in a box at the Haymarket Theatre,
but this fact I kept to myself. They were married, and went to the
Continent for the honeymoon, and on their return they took up their
residence at the villa. His stay in this fool's paradise was but of short
duration. They had only been settled down about three months,
when he made the unpleasant discovery that he had married a living
man's wife.
In his terrible trouble he came to me for advice. The man who
represented himself as the real husband had threatened all manner
of actions at law, but agreed to do nothing until twelve o'clock the
following day. His story, plausible enough, was that, on going into
the interior of the country at the Cape to trade, he had been
captured by the natives, and been kept a prisoner for over two
years. A friend who was with him—who succeeded in escaping—left
him on the field for dead, and reported the decease of her husband
to Mrs. Selby. On one condition I agreed to assist Drummond out of
his difficulty, and that was, that he must separate at once from the
lady. As he loved the woman to distraction, this was a hard blow;
but he at once saw the propriety of complying with the stipulation,
and the next day I kept the appointment with Mr. Selby instead of
my friend.
The meeting was to take place at the villa. On arriving there a
few minutes before the time arranged, I was met by Mrs. Selby, with
her attire in disorder and dishevelled hair.
"Where is he? He has not been here since yesterday," she
exclaimed, clutching hold of me and bursting into a flood of tears.
I tried to calm her, but it was of no use; she became quite
hysterical and threw herself face downwards on the sofa. If that is
not real, I thought, what a magnificent actress she would have
made. On ringing the bell for her maid her real husband made his
appearance. On seeing the condition of his wife he went up to the
sofa and spoke kindly to her.
"Don't take it so much to heart, Caroline," he said, feelingly,
"you had reasons to think me dead. I do not blame you." Turning to
me he remarked, "I hope I have not kept you waiting. You are from
Mr. Drummond, I presume; if you will step into another room we will
talk over matters."
Before sitting down I had a good look at Mr. Selby, and I neither
liked his manner nor appearance. I saw that I had an unscrupulous,
perhaps clever rogue to deal with, and I became doubly cautious.
I began by saying what a strange affair it was, and asking him
where he and Mrs. Selby were married. He was prepared for the
question; he not only produced the marriage certificate, but also
furnished me with the names and present abodes of the witnesses.
When I made enquiry about the business in the City he at once gave
me a card of the address; he was an exporter of fancy goods,
whatever that may mean. Alluding incidentally to his altered
appearance, he asked whether two years in the bush was not
enough to pull any one down. Then we got to closer quarters.
"Well, Mr. Selby, it is a great misfortune to all parties. What do
you propose to do?" I asked.
"I doated on my wife, and should like to take her back," he
replied; "to prevent exposure, which I suppose would not suit your
friend, I am willing to come to terms."
"As you are the lawful husband, I will undertake that Mr.
Drummond relinquishes all his claims."
"But that will not be sufficient; he has done me a great injury
and must compensate me for it."
"Your captivity has not bettered your fortunes, Mr. Selby."
"On the contrary, ruined me."
 I saw that the whole affair resolved itself into a question of
money, and it was imperative for my friend's sake that the matter
should be hushed up. I wondered how it was that his wife was
enabled to live in such good style in his absence, but said nothing. It
was no good studying delicacy with a man like that. I said—
"How much do you want? You must remember that my friend is
a comparatively poor man."
"A thousand pounds," was the startling answer.
"Quite preposterous", I replied; "my friend is not in a position to
pay anything like this sum, and if he took my advice he would keep
his money in his pocket. He, at all events, acted in good faith."
"I have not said a word against Mr. Drummond, but he has
mortally injured me. He can think over my proposition, but to-
morrow at the same hour I must have a decided answer," Mr. Selby
remarked. "There is the address of my hotel. You can tell him that to
clear myself I may have to prosecute my wife for bigamy, and that I
can take the case into the Divorce Court."
When I got back I told Drummond what had taken place. I
thought he would have gone mad when he heard that there was no
doubt about Mr. Selby's identity. My poor infatuated friend had good
prospects, and for certain reasons, very serviceable now, his
marriage was only known to a few people. The difficulty we had to
encounter was how to get rid of the demands of the injured
husband. There was not much time to deliberate, Selby took care of
that, and when once the peculiar case got wind it would fly to all
parts of the town. A certain amount of money must be paid I could
see, and at length we agreed to offer five hundred pounds. But how
to get the sum; Drummond had not five hundred pence. His journey
to Paris, the expenses at Brompton, to say nothing of the
innumerable rich presents he had given Mrs. Selby, had swallowed
up all his ready money. I had relations to look after, and was at no
time flush of cash. But by the aid of an all-potent bill stamp we
solved the problem, and I wended my way next morning to the
appointment with five one hundred pound notes in my pocket.
"Look here, Mr. Selby," I said when I got to his hotel, "let us
understand each other. I have come on behalf of my friend to make
you a first and last offer; if you accept, the money is ready; if you
refuse, you may institute what proceedings you please."
"What is the proposal?"
"That on your signing that paper, agreeing to take back your
wife and cease all action against Mr. Drummond, I will pay you five
hundred pounds."
A slight noise in the rokenbedroom adjoining the room we were
sitting in attracted my attention at this moment. There was some
one listening to our conversation, and now that the full particulars of
the conspiracy are known, I have no doubt it was Mrs. Selby. The
movement of the fire-irons was most likely a pre-concerted signal.
He strongly objected to the smallness of the sum, and dwelt on the
great wrong than had been done him, which was bound to embitter
his whole life.
"Well, Mr. Selby," I said, rising and taking up my hat, "I can
make no addition to my offer."
"It is so little; think of my awkward position. Mr. Drummond, a
perfect stranger, parts me from my friends, banishes me from places
where I am known, and compels me to change my name. And,
worst of all, after what has passed, my wife can never be the same
to me that she once was. Put yourself in my place and you would
think yourself utterly ruined."
"It is certainly a dreadfully unfortunate occurrence, but my
friend can do nothing more; the fact is that he had the greatest
difficulty to procure this sum."
"No compensation will ever heal the wound, but for my wife's
sake I will take the money."
 To satisfy my curiosity, and oblige Drummond, I made a few
enquiries at West Brompton later in the week, and learned that on
the same day I paid the money the furniture of the villa was sold
privately, and it was reported in the neighbourhood that, on account
of ill-health, Mrs. Selby had gone abroad.
Poor Drummond kept his word—what acute suffering it cost him
was known only to himself—and did not attempt to see his wife of
three months again, but his separation from her was killing him.
To the great grief of all his friends he became careless in his
habits, and took to drink. He was expostulated with time after time,
but in vain. Nothing I could say would rouse him, and to all intents
and purposes he seemed a lost man—a ship at sea without a rudder.
The bill on which I figured as the drawer had nearly run its
course, and how it was to be met I had not the vaguest notion.
There was no chance of a renewal. A proposition to that effect which
I made the holder was rejected at once. Rumours as to my
unfortunate friend's dissipated habits had got about, and people had
no longer any confidence in him. It was well known that I had no
private sources of income. With ruin staring me in the face you may
rest assured I was not inclined to bless Mrs. Selby.
Brought up in a district where innumerable racehorses are
reared and trained, it was natural that I should take an interest in
the turf, but when I wanted them most to be fortunate my
speculations all at once ceased to be remunerative. The Derby had
upset all my calculations—a second-class animal found the course to
his liking, and beat all the favourites—and I looked forward to Ascot
to get back my money with interest. Still as my investments were
necessarily of a trifling amount I had no idea of winning sufficient to
take up the obnoxious bill which was due immediately after Ascot. It
so happened that my annual holidays fell at Ascot time, and I made
up my mind to a week's racing if the funds held out. If at all lucky I
might get a hundred, and I thought that this sum would tempt the
Jew to renew the bill. In another three months there was no telling
what would happen. I saw that it was no good relying on Drummond
to find the five hundred, or any portion of it, and he had made
unsuccessful applications to all his relations. I was very sorry for
him, but his friendship was likely to prove rather costly. The poor
follow was a pitiful sight to see. Every hope of his life and his pride
had been blasted by that woman, and inattention to his duties at last
compelled him to resign his post.
I see him regularly once a year, but there is no improvement in
his condition. On the contrary, the wreck is beginning to break up,
and I fear that soon his place on earth will be vacant. An uncle
allows him two pounds a week so long as he remains at Boulogne.
To "Royal Ascot," as it was called by the sporting prophets, I
went, determined to do my best to defeat the layers of odds. A
careful study of the programme made me fancy I could name a few
winners.
Entering the course on Hunt Cup day, I was addressed by a
miserable looking object, who informed me that he was the brother
of a famous jockey. He knew, he said, a certainty for the principal
race. Not believing for a moment that he had any reliable
information, I threw the half-starved wretch a shilling, and was
walking away when he ran after me and gave me a scrap of paper.
In a popular play, derived of course from French sources, it is
seen of what great importance a few words of writing may become.
The strip of paper handed to me by the Newmarket tout, and which
I carelessly put into my waistcoat pocket without reading it, was
destined to save me from a grave difficulty; and dirty as it is, it will
always have a prominent place in my album.
Over the previous events I had varying luck, and when the
numbers went up for the prettiest race of the year, I had won
altogether twenty-five pounds, so I resolved to give myself a chance.
There was a large field, and long prices were offered against
many of the competitors. A man had only to know the winner to
realize a fortune for a ridiculously small outlay.
The favourites I discarded, as I had seen too many "certainties"
settled coming up the stiff ascent. I had taken stock of most of the
horses before they cantered, and was trying to get a hint from the
betting, when I recollected the neglected "tip" in my pocket.
On the soiled paper was scrawled with a pencil, "The winner of
the Hunt Cup is Jasper! Back him, and send a trifle out of your
winnings to R. F., Black Bull Inn, Newmarket."
I had seen and liked the form and condition of Baron
Rothschild's horse. He looked admirably adapted to ascend the hill,
as his hind legs were well placed under him; and considering his
performances, he was not over-burdened with weight. There were
many more unlikely candidates, and finding that all the sporting
Solons, excepting one who wrote under the odd name of "Disgue,"
had not a favourable word to say about Jasper, and in the absence
of other authentic intelligence, I pinned my faith to the selection of
the Newmarket tout.
"How much Jasper?" I asked a prominent member of the ring.
"Hundred to three," was the answer.
"Put it down seven times," I said, and I handed the bookmaker
twenty-one pounds.
If the horse lost I would still be the winner of four pounds on
the day, and there were other races to speculate on. I was not kept
long in suspense. A bell announced that the starter had got rid of his
eager and troublesome customers. Anxious eyes watched the
struggle.
"The favourite's beat," was soon proclaimed, and several
gentlemen shouted, "Steel, Nicholls, what against Jasper?"
As they neared the Grand Stand a terrific shout told me—for I
was so hemmed in I could not see the race—that Jasper was
winning in a canter.
 Lucky shilling!
My seven hundred pounds was paid immediately after the
jockey weighed in, and I increased my winnings to a thousand
before the last race was run on Friday. With this piece of good luck
my difficulties were happily at an end. When the bill was presented it
was duly honoured, but to his credit it must be stated that
Drummond never rested until he got a relation to refund me the
money. It need scarcely be put on record here that the brother of
the famous jockey had occasion to rejoice at the success of Jasper.

A trial at the Old Bailey in the following November showed the

public that Mr. and Mrs. Selby were nothing but a couple of swindlers
who went about preying on unsuspecting men like my unfortunate
friend, Drummond.
The Silver Gauntlet.
A STORY OF THE TURF.

In Four Chapters.
 CHAPTER I.
An Introduction to Billy Platt.
It was the eve of the Wincastle races which were first started in
that period so fruitful of duchesses—the reign of old Rowley.
Historians differ as to whether the Merry Monarch did or did not, on
a certain occasion, actually patronise this meeting in person,
accompanied by a notorious play actress; but that does not matter.
Historians, as well as doctors, agree to differ. The quaint
country town of Wincastle was full to the over-flowing, and the
oldest inhabitant pledged his word at the bar of the Black Bull that
he had never set eyes on such a big crowd.
It was a motley assemblage, at any rate, peculiar about the
shape of its coat, and the cut of its trousers; not too particular as to
the delicacy of its language, but much exercised in its mind where it
was going to sleep.
The old-fashioned inns and lodging-houses had, early in the
day, let their last bed, and were now asking and getting exorbitant
prices for the sofas, tables, and chairs. Later on there will be eager
bidders for the right to spend the night on the bare floor.
Thoroughbred horses, worth small fortunes, accustomed to all the
refinement and luxury of a Newmarket stable, had to be contented
with the miserable shelter of a cow-byre or a cart-shed.
It was no doubt Mr. Strathill, the energetic clerk of the course,
who had been instrumental in drawing the additional bipeds and
quadrupeds to Wincastle this autumn. According to his specious
advertisements his annual gathering was the very paradise of all
race-goers, and he dwelt impressively on a new contest, of singular
interest, to be decided on the first day, called the Silver Gauntlet.
This extra attraction was first mooted by the Duchess of
Wincastle—a fascinating widow of twenty-five—and the trophy was
subscribed to by her Grace and all the unmarried belles of the
neighbourhood.
The Gauntlet was an imitation of a lady's glove in silver, and was
a masterpiece of Hunt and Roskell. The fingers were so arranged
that this beautiful and expensive work of art (it cost £200) when
filled with flowers could appropriately be used to decorate a table.
The new race was to be run over three miles of a fair hunting
country, gentlemen riders.
At this palpable challenge of beauty every eligible man in the
country, who had a decent horse, was eager to try his fortune.
The large field of fifteen or sixteen competitors was expected,
and already there had been some heavy wagering at the clubs.
Nothing worthy of note occurred in connection with any of the
other races at Wincastle; but the unfortunate and peculiar
circumstances surrounding the battle for the Silver Gauntlet soon
became the all-absorbing topic of conversation.
The race was a success in a monetary sense, but the clerk of
the course would sooner cut off his right hand than include it in his
programme a second time.
It was the first and last Silver Gauntlet ever contested for on the
Wincastle Downs.
Amongst the surging crowd at the entrance to the Black Bull
might have been seen two men in deep conversation; they were a
strange contrast to each other. One was a tall, handsome, devil-may-
care-looking fellow about thirty, who owned an estate in the
neighbourhood, and who, from a disappointment in love or
something else, was said to be going headlong to ruin. Yet his
comrades would tell you that a more open-handed and steadfast
friend than Ivan Moordown did not exist.
The other man, who was making Moordown wince at his coarse
and cutting remarks, was a noted member of the betting ring—Billy
Platt. Billy's appearance was not in his favour; it was of the
costermonger order of beauty, and his vocabulary would have
furnished an important addition to a new slang dictionary.
His disgraceful language and revengeful disposition made the
ex-vendor of cauliflowers generally feared and detested. Emanating
from the lowest rung of the ladder, and encountering unpleasant
difficulties in his way, such as being half-murdered at Ascot, and
nearly drowned at Hampton, it was believed that he now laid himself
open to get the "swells" into his toils.
It was well known that the Marquis of H——, Lord W——, and
Mr. B——, were all obliged to discontinue attending race meetings
because Billy declined to give them a few weeks' grace to square
their accounts.
When spoken to on the subject, he would abruptly answer,
"Dong it, mon, moind yer own bissness; think ye the swells wud hav'
waited for my brass?"
The conversation between Mr. Moordown and Billy had
continued but a short time, when the latter said (we omit the oaths,
and put his hybrid language into English)—
"I cannot hear myself speak with this infernal clatter. Come
upstairs to my sitting-room."
"Later on would suit me better. I have an appointment," replied
Moordown, edging away.
"The wench, or whoever it is, must wait. It is high time we had
an understanding. I have come to Wincastle on purpose to see you."
"It is now seven; I will come back at nine if it is important."
"This present moment, or not at all," was the polite answer of
Platt. "If it was even the Duchess herself who was going to meet
you, business must be attended to first."
"Lead the way then," said Moordown, evidently anything but
pleased at his capture.
 CHAPTER II.
Billy Platt shows his hand, and receives an unexpected but well-
deserved blow.
"Have you any idea how much you owe me?" asked Platt, as
soon as the sitting-room door was shut.
"I have not my book with me—it has become rather a large
sum, as I have not had a single winning week since Goodwood,"
replied Mr. Moordown.
"Some people would think it a large amount, but it is a mere
flea-bite to you rich landowners."
"What is the total?"
"£1725, and I want the money."
"It is more than I thought, but never mind, Billy, you shall have
it, every penny."
"When?"
"I have no money to spare at present, but my turn of luck will
come if you are only patient with me."
"But I have no patience left; you have had lots of time, and I
must insist on a settlement—here—to-night. I am short of ready
money myself."
"That is unreasonable. You don't suppose I walk about with
such a sum of money in my possession?"
"Have it I must. Why not get some of your friends to advance
it? I have heard that great people always oblige one another."
"Out of the question. You can wait at all events till after
Wincastle races. I may be able to knock off a good portion of the
debt this week. I have a horse entered for the Silver Gauntlet, and
he is not unlikely to win."
 "What's its name?"
"Highdrift."
"Highdrift! the devil. Why that's favourite, and the horse I am so
bad against. Laid eights, and now they take 2 to 1, and the worst of
it is they only back another horse with any freedom—Springtrap. I
have a ruinous book; it is all Highdrift."
"I am sorry you are bad against my horse, because he is very
well, and knowing, as I do, every one of his opponents, I think he
stands an excellent chance. You must not lose by Highdrift, Billy."
"Highdrift be poleaxed! (That word will do.) Get back my money
at 2 to 1! You must think me a hedgehog." (He did not say
hedgehog.) "I know a move worth a dozen of that. Me back
Highdrift? Why, I am only too happy to lay against him. Do you
know anyone who wants the odds to a hundred?"
"I don't understand you, Platt. Highdrift is all right, and it is not
more than 2 to 1 against him. He will very nearly, if not quite, win."
"But that's where we agree to differ. You do not see my drift—
lowdrift, you can call it if you like. I have been taking liberties with
your horse all along, and I'll be cremated if he is going to win."
"What the devil do you mean, man?" asked Moordown, getting
rapidly into a passion, and rising hastily from his chair.
"Just what I say. It is a mutual benefit affair. You owe me
£1,725, and cannot pay it; I agree to give you time. I have overlaid
your horse; you oblige me by scratching him on account of an
accident, or give me your word that if he runs he will not win."
"Scoundrel! take that," was Moordown's answer to these
equitable proposals, as he drove his right between Billy's eyes.
When Billy recovered from his well-deserved punishment, and
was able to regain his feet, he found Sir Hew Mainfly, the owner of
Springtrap, the second favourite for the Silver Gauntlet, in his room.
 "Well, Billy, anything wrong? You look dreadfully uncomfortable.
Been taking a nap? You might have chosen a softer place than the
floor. Hilloa! that's a nasty lump on your forehead. Who has been
giving you a lesson in the noble art of self-defence?"
"Somebody who will very soon rue it. Who should it be but the
owner of Highdrift, the great Mr. Moordown?"
"You don't mean to say he has been foolish enough to quarrel
with you?"
"It is just what he has done. He might have paid his debt first,
don't you think?"
"Certainly. I never was so surprised. Did you explain things
properly? Would he not listen to reason?"
"I at last told him plainly enough, and the moment he
understood it he knocked me down."
"We did not reckon on this difficulty. Moordown's obstinacy will
upset all our plans. It is provoking, for with Highdrift out of the way
the race would have been a good thing for my horse. I did think, as
he owed you such a lot of money, you would be sure to bring him to
terms."
"I did my best, Sir Hew; but nothing is lost as yet."
"Everything is very uncertain. What will you do now?"
"I will send him a letter demanding payment of my money
before twelve o'clock to-morrow, and in the meantime I will lay all I
can against Highdrift."
"And to-morrow. How will you proceed?"
"Never mind, I have arranged it. Highdrift won't trouble you."
"Suppose he finds the money. Is it much?"
"£1,725."
"Impossible for him to get that sum."
 "I thought so. With Moordown out of the hunt you will, I
suppose, about pull through. I have made a book for your horse."
"I only fear Highdrift. Keep him harmless and you will win your
money."
"Don't bother about the blackguard or his horse; I have a blow
to pay, and am in a hurry to get rid of the obligation. I hear you are
both after the duchess. Make hay while the sun shines. Win the
Silver Gauntlet, and carry off the duchess into the bargain."
"Keep to your compact, Billy, and I will have a good try for the
double event."
 CHAPTER III.
A Woman comes to the Rescue.
While Sir Hew Mainfly and Billy Platt were plotting the ruin of
Ivan Moordown, the fair Duchess of Wincastle was busy arranging
her house for a grand ball to be given that evening. All the county
magnates had accepted, and amongst the "contents" were her
Grace's two reputed suitors, Sir Hew Mainfly and Mr. Moordown, so it
will be perceived that there were other interests linked with the
winning of the new prize instituted by the duchess, which did not at
first meet the eye.
Rumour alleged that of her two lovers the duchess preferred
Moordown, but that the reckless life he led prevented her giving him
any encouragement. As has been already seen, the two men are
very dissimilar in character—the one resembling a lion, and Sir Hew
more of a tiger.
The duchess herself had been a Blanche Wintour, the daughter
of a wealthy commoner. She had been and was still a great beauty,
and the earl duke married her not because he cared for her, but to
spite his brother and please his other relations, and secure an heir to
the title and estates. A baby came, but, unfortunately, it was a girl,
and the earl, thinking himself shamefully ill-used, went off in a hot
temper to the North Pole, where he caught a severe cold, which,
settling on his lungs, ultimately led to his death. Her first marriage
had been entirely one of convenience, but in selecting a second
husband the duchess was at liberty to be guided by her heart.
All the guests at the ball were more or less interested in the
Silver Gauntlet, and the chances of the various candidates were
freely discussed. Other ladies besides the duchess had lovers going
to take part in the race.
From the commencement of the betting till that night Mr.
Moordown's horse had been the favourite, followed a point or two
off by Sir Hew Mainfly's Springtrap, and Lord Piershore's Eye of
Night, but no sooner had the dancing begun, when it was whispered
about that there was something wrong with Highdrift.
One man had seen Billy Platt lay six ponies, and offer to go on;
a second was told that the horse was actually scratched on account
of an accident to his fetlock joint, and a third had heard that the
retrograde movement in the betting was only got up for the easier
working of a large commission.
On approaching a knot of these gossips, the question was put
point blank to Moordown whether there was anything the matter
with his horse, and his answer was reassuring enough.
"When I left him a few minutes ago," he said, "he was as well
as any horse in England."
Still there were men who shook their heads, believing that
where the smoke is the fire is not far distant, and they noticed that
Moordown looked terribly dejected and ill at ease.
Later in the night it became generally known that Platt had
finished Highdrift's business for him by offering 10 to 1 as often as
anyone would take it, and everyone concluded the horse would not
run.
Disquieting rumours about the favourite had reached the
duchess from time to time, but she could not ask Moordown for an
explanation, as he kept out of her circle. When, however, she
overheard this remark, "They say Moordown is hard up, and has
given a laying commission to Billy Platt," she went in search of him.
She found him leaning against a pillar at the entrance to the
conservatory.
"Truant," she exclaimed, with an enchanting smile, and striking
him a smart blow on the shoulder with her fan. "Why have you
deserted me?"
"I was not vain enough to think I would be missed."
"You were in error. I have come in quest of you."
 "I wish I could believe that, flatterer."
"You may; it is the truth. I was really anxious about you. Now
tell me everything. What is the matter with Highdrift?"
"Nothing whatever; the horse was never better."
"Then what means these scandalous reports?"
"All I can say is that I don't originate them."
"But why is it, Moordown, certain low bookmakers are offering
such long prices against Highdrift, and openly boasting that he is as
good as dead for the race to-morrow?"
There was no reply.
"You must answer me," putting her hand on his arm. "This
concerns your honour."
"I cannot tell you."
"But you must," stamping her little foot, "Is it money?"
"If you must know, it is. I have had a run of bad luck, and am in
difficulties, and the scoundrels plot to drag my name in the gutter. I
cannot remain to be disgraced. If I never see you again, Blanche,
think as kindly of me as you can."
"Nonsense; that is not like you. You will stop and face the
difficulties when I tell you. I cannot remain any longer from my
guests, but promise to see me in the morning at ten punctually; and,
remember, if Highdrift does not win to-morrow you are to expect no
more flowers from me," and she gave him a rose out of her
magnificent bouquet.
Moordown did not feel so depressed after this interview.
Next morning the word went round that Highdrift had passed a
bad night. Anyone seeing the clear eye and glossy coat of that horse
as he stood in his loose box would, perhaps, have formed a different
opinion.
 Outside the Black Bull Billy Platt and his chums were early at
work to earn a few more sovereigns out of the "dead 'un." Nobody
could understand the determined hostility displayed against the
quondam favourite, as he was known to be all right, and people
began to look suspiciously at and talk in a way the reverse of
complimentary about Moordown. As the town clock struck ten the
betting on the Silver Gauntlet stood thus:—
6 to 4 agst Sir Hew Mainfly's Springtrap (taken).
5—2—Lord Piershore's Eye of Night (taken).
5—1—Col. Heapland's Idol (taken and offered.)
8—1—Capt. Moretown's Conqueror (t. freely).
12—1—Mr. Moordown's Highdrift (offered).
As some of the largest bookmakers from London and the
provinces were present the betting was extensive, and any particular
horse could easily be backed to win a few thousands.
Platt had been fortunate enough to find another creditor of
Moordown's, and the two "pals" were working together. Up to eleven
o'clock there was no change of any moment in the betting, but at
that hour Billy and his chum were startled out of their false security
by a Captain Wardlock readily accepting all the long prices proffered
against Highdrift. The captain booked all the money he could get at
12, 10, and 8 to 1, and, to Billy Platt's utter amazement, he closed
with his offer of six hundreds. He was also prepared was the captain
to take slight odds that Highdrift beat Springtrap wherever they
finished.
This unlooked-for movement was a crushing blow to Platt, and
quite knocked him out of time; and he retired with his friend to the
hotel, to see how he stood and discuss the altered position of affairs.
They had scarcely sat down before Sir Hew Mainfly joined them,
consternation visibly written on his face.
"Has he paid you?" he asked Platt before he had well got into
the room.
 "Not a sixpence, and here is another creditor who is acting with
me. The documents are ready for the stewards."
"Then what the devil means this reaction in the betting?"
"I have not the least idea, Sir Hew. Who is Captain Wardlock?"
"An intimate friends of Moordown's, and a dangerous man. He
is not working in the dark."
At this instant there was a loud knock at the door, and, to the
no small surprise of the three conspirators, Moordown entered the
room.
"In good company, Sir Hew," said Moordown sarcastically.
"Like you, I have some business with Platt."
"Mine won't take a minute." (Turning to Platt and throwing
down a bundle of notes on the table.) "You and your confederates
are baffled this time. There is your money."
"If I had not been so short, Mr. Moordown, I would not have
troubled you. No inconvenience I hope."
"If you ever presume to speak to me again, you know from last
night what to expect."
"As you are settling with everybody, Mr. Moordown, you may as
well pay me my small claim," said Platt's friend.
"Certainly. How much is it?"
"Only £145."
"There. Now, Sir Hew, you will be able to resume the business
which I am sorry to have interrupted," said Moordown, as he left the
room.
"Good morning, Mr. Moordown, we will meet on the course,"
replied Sir Hew, who little knew that ere the sun set he would be
lying where he was now sitting—a dead man.
 CHAPTER IV.
Broken bones and successful love.
They had now lost all hold over Moordown; and the three men
were so stunned it was a short time before either spoke. Sir Hew
was the first to open his mouth.
"Where on earth did he get the money?"
"Who could have found such a large amount in a night? It must
have been the duchess. They do say she is sweet on him," muttered
Platt.
"Nonsense! I don't believe a word of it; but where the cash
came from is a mystery," said Sir Hew.
"Will this talk help me to get back the money I have overlaid
against Highdrift?" asked Platt's friend. "A pretty book I have got to
square."
"The race is not yet decided," replied Sir Hew, looking much
perplexed, "and if I cannot win somebody else will have a difficulty.
One moment, Platt—your friend won't mind"—taking Platt to the
window, and whispering: "You know Airton; he is a certain starter,
but has not the ghost of a chance. He is not particular what he does,
and there is an old feud about a girl between him and Moordown.
You must manage to give him a hundred to get in the way of
Highdrift. That is the best I can suggest. Two of us ought to be able
to stop the brute."
Most great races are run at three o'clock, and the Silver
Gauntlet at Wincastle was no exception. At that hour the excellent
field of thirteen placed themselves in the hands of the starter, who
despatched them on their eventful journey at the second attempt.
As they streamed past the Grand Stand, crowded with all the
beauty and aristocracy of the county, it was seen that Sir Hew
Mainfly was leading, but that he could scarcely control the fractions
Springtrap, and that Highdrift, with Moordown for his pilot, held a
good position in the centre of the second lot close to Mr. Airton on
his weedy thoroughbred Jasmine.
We who are behind the scenes know that Airton's proximity to
Moordown bodes no good to the latter.
The only important alteration in the betting at the fall of the flag
was the return of Highdrift to his old position of first favourite.
As he swung himself into the saddle, Moordown told Wardlock
that he would make a waiting race of it, and let Highdrift do his best
in the last two fields. He seemed to be quietly confident of the
result, and he took all the chaff his friends gave him about the
withered rose pinned to his jacket in good part.
There had been a heavy fall of rain during the night, and before
half the three miles was covered the holding ground began to find
out the weak points of many of the half-trained horses.
Springtrap was going in more sober fashion, but he was not by
any means done with; on the contrary, he looked as formidable as
anything, and now that he submitted to Sir Hew's guidance he
possessed an undeniable chance. Sir Hew had wisely pulled him
back to the second division, among which Highdrift and Jasmine
were still running side by side.
So far, and it is nearly two miles, there have been no casualties,
but they are fast approaching the big jump. A natural brook has
been artificially guarded, and, judging from the number of people at
the spot, some scrambling is expected. These waiters on accidents
were not disappointed. Two or three of the first flight were too
exhausted to clear the obstacle, and landed in the water, where they
kicked and splashed, to the intense delight of the spectators.
As he neared the brook, Sir Hew Mainfly put on a spurt and left
the company, and pulling his horse together landed him safely on
the other side.
 Watchers on the top of the Grand Stand offered to bet even
money that they named the winner. They meant Springtrap, and it
did look like odds on that horse, when Highdrift met with a check at
the brook.
On nearing the water, Jasmine swerved right in front of
Highdrift, and the result was a serious scrimmage, in which horses
and men were on the ground together. Airton may have been
earning his hundred or not, but he had bitter occasion to remember
the accident; a kick he received when on the ground injured his
spine, and he was doomed to be a cripple for life.
Moordown, who had stuck to his reins, was on his feet and into
the saddle in a minute, and it required no persuasion to get Highdrift
across to the right side. Valuable moments had, however, been lost,
and there was now a considerable gap between him and Springtrap.
He set his horse going in earnest, and soon passed the stragglers,
and when he got into the second field from home he had everything
beaten except Springtrap, on whom he did not appear to gain a
yard.
The success of Sir Hew seemed almost certain. There was only
a trifling post and rails obstruction between him and the straight run
in, and he was a comfortable distance ahead of his most dangerous
enemy. The owner of Highdrift began to lose hope, and bewail his
confounded luck. If Airton had not got in his way, he thought, things
might have been different.
After all that had occurred in connection with the race, it galled
him to the quick to think he was likely to be beaten, and, of all men,
by Sir Hew, and in sight of the duchess.
But there are many slips between the cup and the lip, and ships
have been known to founder in summer seas. Whether it was
carelessness, or the horse got frightened at the yelling of the mob,
or was tired, cannot be said now, but, in taking the most
insignificant obstacle of the whole course, Springtrap for the first
time made a mistake, and came down heavily, pitching Sir Hew on
his head.
The baronet never spoke more. When picked up it was
discovered that his neck was broken.
Moordown had now the race in hand, and he passed the Grand
Stand six lengths in front of Conqueror, next to whom came Idol and
Eye of Night.
Moordown was a general favourite, and the many
congratulations he received were hearty and sincere, but he would
have bartered them all, and Highdrift also, for the little smile of
recognition bestowed on him by the duchess. The accidents—there
was a third, which was not, however, of a serious nature—damped
the gaiety of the meeting, and Billy Platt invented a special curse for
the new race, which he repeats to this day.

On the following forenoon an interview took place at the Castle

between the duchess and Mr. Moordown.
"I have brought you the Gauntlet, duchess," he said, kneeling;
"it is really more yours than mine. Inside you will find your money,
which brought such good lack. Now tell me how I can repay your
great and unmerited kindness?"
"You want to be put to the test, do you?"
"Nothing could please me better. I only hope it will be
something difficult."
"Tremendous!" she answered, laughing and blushing; and
raising him from his kneeling position; "nothing short of a life-test."
 CHAPTER XV.
MY REVENGE AT BILLIARDS.

Enticed to Liverpool with a Burlesque Troupe— The comic Murderers

—a nice Amateur—the unknown Friend— the Champion of
England.
"Look here, Jack, you know Pattie Hastings?" said Horace
Brown, as he entered my apartments hurriedly one morning.
"I have certainly set eyes on that young lady," I replied. "She is
not here?"
"Who said she was? Why, you old hypocrite, you were mad
about her last winter, and even now the recollection of these
beautiful sonnets you used to send her, to say nothing of the
bouquets and bracelets, makes her sigh—after a third glass of
champagne!"
"Champagne has more than that to answer for. Suppose I did at
one time admire the little woman's antics on and off the stage, what
then? Has she sent you to me for a certificate of character? Eyesight
all right? No Colorado gold nor Arizona diamonds for her; and she is
sound in wind. I will back her to talk scandal against any three
damsels you know. The Duke of C—— is not going to be divorced to
marry her? No dissension, I hope, in a certain household?"
"You talk coolly enough now, old fellow!" said Brown. "Other
times, other opinions. She was the queen of burlesque a short year
ago, and her dancing some one not a mile off thought more graceful
than Kate Vaughan's!"
"This is evidently the dull season, and you are hard up for
subjects to speak about," said I. "Does Hughes run his horse at
Sandown?"
"I don't know. But I say, Jack, you are not bad friends with
Pattie?"
 "Bother Pattie! Has the world taken a fit to revolve round her?
Or is it a case of Miss Hastings on the brain? Pulse too rapid, head
hot, skin too dry, feverish very; hold out your tongue, and let me
prescribe for you."
"I see," said Brown, "you are in one of your 'waiting-to-be-fed'
moods; it is no good asking a favour."
"You have confined your observations to Miss Hastings since you
entered the room, permit me to observe. When I hear what the
request is I may be able to answer. The money market, however, is
tight."
"It is not money," said Brown. "I want you to come to Liverpool
with me."
"To Liverpool!" said I. "Why not San Francisco? In queer street,
eh? Pressing business abroad, I suppose?"
"Bosh!" said Brown. "Pattie Hastings is taking her troupe to
America, and I am going to Liverpool to see her off. I wish you
would come—she will be delighted."
"I see!" said I. "After the steamer goes dull hotel! No one to
speak to or play billiards with! Long railway journey without a
partner at écarté. Well, all right; I will take pity on you. When does
this burlesque eclipse take place?"
"We start by the nine o'clock train to-morrow morning," said
Brown.
Having agreed to go, we arrived at the station at the appointed
time, and went to Liverpool. There were the gushing Pattie and her
invaluable troupe, and a more forward set of young women I never
saw. We put them safely on board a Cunard steamer, and returned
to the Washington Hotel. The question then arose how we were to
dispose of our time, as we did not mean to leave for town till next
day. The theatres were no good—all old pieces, which we had seen
many times in London. Brown suggested a visit to a waxworks in the
neighbourhood, where all the notorious murderers—Rush, Palmer,
and Co.—wore evening-costume, and only wanted a flower in their
coats to look like stewards of a county ball. I declined to interview
the horrors. We eventually made up our minds to try our luck at that
ever-fascinating game—billiards.
Notwithstanding that I play a more than an average game, I
happened to meet my match that night.
As regards playing cards with strangers, an amusing anecdote is
related of the elder Matthews and his partner Mr. Yates. They were
on a professional tour and found themselves at a country hotel on a
stormy day without any means of killing the time during the bad
weather. They would have liked a game of whist immensely, but
where were they to find partners, double dummy being dull work?
The landlord was consulted, and asked if he knew of any gentleman
who would have a game of whist? He replied in the affirmative, a
gentleman being then in the hotel whom he thought understood the
game pretty well. A polite message was immediately conveyed to the
stranger, inviting him to join them in a game. The unknown
gentleman soon made his appearance, and they all sat down to play,
the new arrival taking dummy.
Luck was dead against the comedians. They could not win a
single game. After they had played some time, and no
inconsiderable amount of money had passed to the holder of
"dummy," the stranger looked at his watch and said he was sorry to
have to leave, having to meet an important engagement. The
comedians were apparently surprised at this sudden termination of
the game, and Matthews asked whether he would be disengaged
soon again? The stranger replied that he would be most happy to
meet them at any hour next day, when perhaps they would be in
better luck, at the same time regretting it was most urgent business
that called him away. "Pray," said Matthews, who was rather excited,
and when so stammered, "what may your—your business be if—if—it
isn't—im—pertinent—to inquire?" "Why," replied the stranger, with a
knowing nod, "I am, like yourselves, a professional—a magician—
and give a performance to-night at the Town Hall. You will,