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Microeconomics, 11e (Parkin)
Chapter 10 Organizing Production
1 The Firm and Its Economic Problem
1) The most important goal of the firm is to

A) maximize its revenues.
B) maximize its sales volume.
C) maximize its profits.
D) minimize its costs.
Answer: C
Topic: The Firm's Goal
Skill: Recognition
Status: Previous edition, Chapter 10
AACSB: Reflective Thinking
2) A firm's basic goal is best described as

A) maximizing total revenue.
B) maximizing sales.
C) maximizing profit.
D) minimizing total cost.
Answer: C
Skill: Recognition
3) Profit maximization
A) makes a firm become as large as possible.
B) makes a firm remain small in the long run.
C) increases the likelihood that a firm will survive.
D) leads a firm to become the target of a takeover.
Answer: C
Skill: Recognition
4) Firms that survive in the long run are usually those that
A) become as large as possible.
B) remain small.
C) use more capital rather than more labor.
D) earn the largest possible profit.
Answer: D
Skill: Recognition
1
Copyright © 2014 Pearson Education, Inc.
5) Firms use incentives to pursue their most fundamental goal, which is to maximize
A) profits.
B) sales revenue.
C) worker satisfaction.
D) worker pay.
Answer: A
Skill: Recognition
6) A firm's opportunity costs ________.

A) equal the costs of resources it buys from others in the market
B) include the cost of using resources owned by the firm
C) increase when economies of scope exist
D) do not include any opportunity costs for resources the owner suppliers
Answer: B
Topic: Opportunity Cost
Skill: Recognition
7) Which of the following costs are part of a firm's opportunity costs?

I. costs for resources bought in markets
II. costs for resources the firm owns
III. costs for resources supplied by the owner
A) I and II
B) I and III
C) I only
D) I, II, and III
Answer: D
Skill: Conceptual
8) If instead of working on his own as a consultant making $25,000, Joe takes a job at a bank, the $25,000 is
A) an opportunity cost.
B) a depreciation.
C) a loss.
D) an accounting profit.
Answer: A
Skill: Conceptual
2
9) An electrician quits her current job, which pays $40,000 per year. She can take a job with another firm
for $45,000 per year or work for herself. The opportunity cost of working for herself is
A) $5,000.
B) $40,000.
C) $45,000.
D) $85,000.
Answer: C
Skill: Analytical
10) Which of the following is part of a firm's opportunity costs?

I. wages
II. utility costs
III. interest on a bank loan
IV. interest forgone on funds used to buy capital equipment
A) I and II
B) III and IV
C) I, II and III
D) I, II, III and IV
Answer: D
Skill: Conceptual
11) The implicit rental rate for capital is

A) an accounting cost.
B) part of the firm's normal profit.
C) an opportunity cost.
D) a cost that is irrelevant to the business.
Answer: C
Topic: Implicit Rental Rate
Skill: Recognition
12) The implicit rental rate for capital includes the

A) total value of a piece of capital equipment.
B) interest income forgone by purchasing the piece of capital equipment.
C) firm's normal profit.
D) amount paid for the use of a piece of capital equipment owned by someone else.
Answer: B
Skill: Conceptual
3
13) Which of the following are two components of the opportunity cost of using capital already owned by
the firm?
A) economic profit and normal profit
B) implicit rental rate and economic profit
C) explicit rental rate and economic costs
D) economic depreciation and forgone interest
Answer: D
Skill: Conceptual
14) Wanda takes $3,000 from her savings account that pays 5 percent interest per year and uses the funds
to purchase a computer for $3,000 for her business. At the end of the year the computer is worth $2,000.
Wanda pays an implicit rental rate of ________ a year.
A) $1,150
B) $4,000
C) $3,150
D) zero
Answer: A
Skill: Analytical
AACSB: Analytical Skills
15) Over a given period, economic depreciation is the change in capital equipment's
A) output.
B) market value.
C) rate of return.
D) cost of maintenance.
Answer: B
Topic: Economic Depreciation
Skill: Recognition
16) Economic depreciation is the

A) firm's opportunity cost of using its own capital.
B) change in the market value of capital over a given period.
C) return that an entrepreneur can expect to receive on average.
D) forgone return on the funds used to buy capital.
Answer: B
Skill: Recognition
4
17) The difference between the market price of a new car used by a firm and the market price of the same
car one year later is known as
A) economic depreciation.
B) physical depreciation.
C) economic deterioration.
D) physical deterioration.
Answer: A
Skill: Recognition
18) ________ is the change in market value of capital over a given period.
A) Accounting depreciation
B) Implicit rental rate
C) Economic depreciation
D) Accounting implicit rental cost
Answer: C
Skill: Conceptual
19) Costs as measured by accountants generally does not include

A) any of the opportunity costs of the firm.
B) any measure of depreciation.
C) the economic depreciation of the firm's equipment.
D) any rental rates.
Answer: C
Skill: Conceptual
20) Tudor's Deli and Catering could have sold their delivery van on December 31, 2010 for $16,000. If they
could sell the same van on December 31, 2011, for $13,000, then the economic depreciation in 2011 for this
van
A) is $13,000.
B) is $16,000.
C) is $29,000.
D) is $3,000.
Answer: D
Skill: Conceptual
Status: Modified 10th edition
5
21) Flora's Flower Shop bought a new van for $23,000. Today, the market price of this van is $11,000. The
economic depreciation of the van is ________.
A) $23,000
B) $12,000
C) $11,000
D) $34,000
Answer: B
Skill: Analytical
22) Suppose Pippi buys an oven for her pizza parlor for $100,000. Pippi's pizza tasted so pitiful she went
out of business 12 months later. She was able to sell the pizza oven for $75,000. This decrease in the value
of the oven is
A) the total implicit rental rate on the oven.
B) an economic loss.
C) economic depreciation.
D) interest forgone.
Answer: C
Skill: Conceptual
23) The average return for supplying entrepreneurial ability is the entrepreneur's
A) accounting profit.
B) normal profit.
C) explicit profit.
D) economic profit.
Answer: B
Topic: Normal Profit
Skill: Recognition
24) The return that an entrepreneur can expect to earn, on average, is called
A) profit.
B) normal profit.
C) economic profit.
D) accounting profit.
Answer: B
Skill: Recognition
6
25) Lucinda starts a business consulting company. She makes all the business decisions and bears the risk
of running the business. The typical payment for Lucinda's work is ________.
A) all the revenue greater than her opportunity cost
B) all the revenue greater than the capital investment
C) a normal profit
D) an economic profit
Answer: C
Skill: Conceptual
26) Which of the following statements does NOT correctly characterize normal profit?
A) It is part of a firm's opportunity cost.
B) It is equal to a firm's total revenue minus its opportunity cost.
C) It is the average return for supplying entrepreneurial ability.
D) None of the above because all the statements correctly characterize normal profit.
Answer: B
Skill: Recognition
27) A normal profit is

A) the revenue remaining after all opportunity costs have been paid.
B) the profit a firm makes each year.
C) the average return for entrepreneurship.
D) part of the implicit rental rate of capital.
Answer: C
Skill: Recognition
28) A normal profit for a self-employed entrepreneur is

I. an opportunity cost.
II. part of the implicit rental rate of the funds invested in the business.
A) only I
B) only II
C) both I and II
D) neither I nor II
Answer: A
Skill: Conceptual
7
29) Economic profit is the difference between total revenue and
A) the normal profit.
B) interest costs of production.
C) opportunity costs of production.
D) the costs of resources bought in markets.
Answer: C
Topic: Economic Profit
Skill: Recognition
30) Economic profit is

A) equal to the firm's total revenue minus its opportunity costs.
B) an opportunity cost of operating the firm.
C) equal to the firm's total revenue minus its normal profit.
D) the average return for supplying entrepreneurial ability.
Answer: A
Skill: Recognition
31) An economic profit for a self-employed entrepreneur is

A) an opportunity cost.
B) the same as the normal profit.
C) a profit over and above opportunity cost.
D) None of the above answers is correct.
Answer: C
Skill: Conceptual
32) If economic profit is equal to zero, then

A) the entrepreneur's profit as measured by accountants is also equal to zero.
B) the entrepreneur's profit as measured by accountants must be less than zero.
C) the entrepreneur is earning only a normal profit.
D) The entrepreneur's profit cannot be determined based on the information given.
Answer: C
Skill: Recognition
8
33) Among the opportunity costs of a firm are all of the following EXCEPT
A) the owner's forgone wage.
B) costs of resources bought in markets, such as labor.
C) normal profits.
D) economic profits.
Answer: D
Skill: Conceptual
34) Joe quits his job as an insurance agent and opens his own sporting goods store. If his profits as
measured by his accountant are greater than zero, then
A) he made a good move because he is earning above normal profits.
B) his economic profit must be greater than zero.
C) his opportunity costs must be zero.
D) There is not enough information to determine his economic profit, if any.
Answer: D
Skill: Conceptual
35) Sue owns a baking company. The company's total revenue for a month is $4000. The monthly costs of
resources bought in the market and of resources owned by the firm are $2000 and monthly costs of
resources supplied by the owner are $1000. Sue's economic profit for the month is equal to
A) $4000.
B) $3000.
C) $2000.
D) $1000.
Answer: D
Skill: Analytical
36) Ed is a freelance writer who could work for a newspaper at $25,000 a year but instead works for
himself for $41,000 a year. His only business expenses are $1,000 for writing materials and $12,000 for
rent. Ed's normal profit is $1,000. Ed's economic profit from working as a freelance writer is
A) $1,000.
B) $2,000.
C) $15,000.
D) $25,000.
Answer: B
Skill: Analytical
9
37) Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year, Heidi's
restaurant earned $100,000 in revenue. Heidi pays $50,000 per year in wages to the waitresses and hostess
and $20,000 per year to buy food. What is Heidi's profit as measured by an accountant for the year?
A) $80,000
B) $50,000
C) $30,000
D) -$10,000
Answer: C
Topic: Accounting Profit
Skill: Analytical
38) Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year, Heidi's
restaurant earned $100,000 in revenue. Heidi pays $50,000 per year in wages to the waitresses and hostess
and $20,000 per year to buy food. What is Heidi's economic profit for the year?
A) $80,000
B) $50,000
C) $30,000
D) -$10,000
Answer: D
Skill: Analytical
39) Sheila's Sports Shop is a very popular sporting goods store, which has a yearly revenue of $600,000.
Sheila runs the business herself. Her alternative employment options are to be a college swimming coach
for $50,000 per year or a construction worker for $40,000 per year. Sheila spends $230,000 purchasing
goods for resale to her customers. She also has four employees, who each earn $25,000 per year. Sheila
owns the building that her Sports Shop is housed in and she could have rented it out for $20,000 per year.
Sheila's costs for resources bought in the market equal
A) $70,000 per year.
B) $200,000 per year.
C) $330,000 per year.
D) $350,000 per year.
Answer: C
Skill: Analytical
10
Sheila's costs for the resources that she supplies to the business equal
A) $70,000 per year.
B) $90,000 per year.
C) $0 per year.
D) $330,000 per year.
Answer: A
Skill: Analytical
Sheila's economic profit is equal to
A) $160,000 per year.
B) $200,000 per year.
C) $250,000 per year.
D) $270,000 per year.
Answer: B
Skill: Analytical
42) Tara, a pharmacist, is planning on opening her own pharmacy. Tara currently earns $50,000 a year at
her job. She has calculated that it will cost her $6,000 in rent and utilities and $25,000 for an assistant per
year to run her pharmacy. What is the amount of opportunity cost that Tara incurs in running her own
pharmacy?
A) $31,000
B) $25,000
C) $50,000
D) $81,000
Answer: D
Skill: Analytical
11
43) Greg, a landscaper, is planning on opening his own landscaping company. He currently earns $40,000
per year working for his uncle but he will need to quit that job. He plans to use $10,000 in savings to pay
for the equipment he needs, though even after use he could sell the equipment for what he paid, $10,000.
The current interest rate on savings is 5 percent. What is the total opportunity cost incurred by Greg in
running his own business?
A) $10,000
B) $40,500
C) $40,000
D) $50,000
Answer: B
Skill: Analytical
44) Bud opened a flower shop. He rented a building for $9,000 a year. To buy equipment for the store, he
withdrew $10,000 from his savings account, which earned an annual interest rate of 3 percent. During the
first year of operation, Bud paid $4,000 for utilities and $12,000 to his suppliers. The store's total annual
revenue was $55,000. The market value of the store's equipment at the end of the year was $8,000. If Bud
had not started this business, he would have continued to work as an employee at another flower shop
for $30,000 a year. What was Bud's opportunity cost of running his business?
A) $57,300
B) $67,000
C) $67,300
D) $27,000
Answer: A
Skill: Analytical
45) Bud opened a flower shop. He rented a building for $9,000 a year. To buy equipment for the store, he
withdrew $10,000 from his savings account, which earned an annual interest rate of 3 percent. During the
first year of operation, Bud paid $4,000 for utilities and $12,000 to his suppliers. The store's total annual
revenue was $55,000. The market value of the store's equipment at the end of the year was $8,000. If Bud
had not started this business, he would have continued to work as an employee at another flower shop
for $30,000 a year. During the first year of operation, Bud
A) received an economic profit of $30,000.
B) received an economic profit of $20,000.
C) incurred an economic loss of $2,300
D) incurred an economic loss of $12,300
Answer: C
Skill: Analytical
12
46) Mr. Sweet opened a candy store. He rented a building for $30,000 a year. During the first year of
operation, Sweet paid $40,000 to his employees, $10,000 for utilities, and $20,000 for goods he bought
from other firms. His total revenue was $135,000. Sweet's best alternative to running this candy store is to
work for Wal-Mart as a sales associate for $15,000 a year. What is Sweet's total opportunity cost?
A) $15,000
B) $100,000
C) $135,000
D) $115,000
Answer: D
Skill: Analytical
47) Mr. Sweet opened a candy store. He rented a building for $30,000 a year. During the first year of
operation, Sweet paid $40,000 to his employees, $10,000 for utilities, and $20,000 for goods he bought
from other firms. His total revenue was $135,000. Sweet's best alternative to running this candy store is to
work for Wal-Mart as a sales associate for $15,000 a year. What is Sweet's economic profit?
A) $20,000
B) -$20,000
C) zero
D) $35,000
Answer: A
Skill: Analytical
48) Which of the following constrain (that is, limit) a firm's profits?
I. its technology
II. its information
III. the market in which it operates
A) I only
B) I and II
C) II and III
D) I, II and III
Answer: D
Topic: Constraints
Skill: Conceptual
13
49) Any method of producing a good or service is ________. It ________ the maximum profit that a firm
can make.
A) an information constraint; always increases
B) a technology; always increases
C) a technology; limits
D) an information constraint; limits
Answer: C
Topic: Technology
Skill: Recognition
50) A firm's market constraints include the conditions under which it can
A) convert inputs into outputs.
B) buy its inputs and sell its outputs.
C) issue stock.
D) produce the inputs to production.
Answer: B
Topic: Market Constraints
Skill: Recognition
51) An economic profit is

A) an opportunity cost of the company.
B) a cost that is always measured by the accountant.
C) the amount of profit an accountant calculates for a company.
D) not the same as the company's normal profit.
Answer: D
Topic: Study Guide Question, Economic Profit
Skill: Conceptual
2 Technological and Economic Efficiency
1) Technological efficiency occurs when the firm produces a given output

A) by using the least amount of inputs.
B) by using the maximum amount of inputs.
C) at the least cost.
D) at the greatest cost.
Answer: A
Topic: Technological Efficiency
Skill: Recognition
14
2) Technological efficiency necessarily means producing
A) at minimum cost.
B) with the highest level technology available.
C) without using more inputs than necessary.
D) technology itself.
Answer: C
Skill: Recognition
3) A firm has achieved technological efficiency whenever it has

A) fully depreciated all its assets.
B) produced the given output using the fewest inputs.
C) produced the given output at the lowest cost.
D) all of the above
Answer: B
Skill: Conceptual
4) Emma owns a firm that produces umbrellas. Currently, Emma produces 2,500 umbrellas a day. Emma
cannot produce more umbrellas in a day unless she purchases another machine or else hires more
workers. Emma is ________ efficient.
A) cost
B) technologically
C) economically
D) capital and labor
Answer: B
Skill: Recognition
5) Which of the following is true?

A) Technological efficiency occurs if the maximum feasible amount of output is achieved from a given
quantity of inputs.
B) Technological efficiency depends on the relative cost of the resources used in production.
C) If production is technologically efficient, then it must be economically efficient.
D) All of the above answers are correct.
Answer: A
Skill: Recognition
15
6) Which of the following is a correct statement?
A) Economic efficiency definitely occurs when a firm cannot increase production without using more
resources.
B) Technological efficiency depends on the costs of resources while economic efficiency depends on only
production methods.
C) Technological efficiency depends only on production methods, while economic efficiency depends on
the costs of resources.
D) all of the above
Answer: C
Skill: Conceptual
7) A company does not need to know the price of each resource it employs if it wants to determine
whether or not it is achieving
A) technological efficiency.
B) economic efficiency.
C) accounting efficiency.
D) managerial efficiency.
Answer: A
Skill: Conceptual
8) A firm uses labor and capital. To tell if the firm is technologically efficient, you
A) do not need to know the cost of labor or the cost of capital.
B) need to know the cost of capital but not the cost of labor.
C) need to know the cost of labor and the cost of capital.
D) need to know the cost of labor but not the cost of capital.
Answer: A
Skill: Conceptual
9) Firm A can produce a unit of output with 10 hours of labor and 5 units of material. Firm B can produce
a unit of output with 5 hours of labor and 10 units of material. Firm C can produce a unit of output with
10 hours of labor and 10 units of material. If the prices of labor and material are $10 per hour and $5 per
unit, respectively, which of these firms is the most technologically efficient?
A) firm A only
B) firm B only
C) firm C only
D) Firms A and B could both be technologically efficient.
Answer: D
Skill: Analytical
16
10) The accountant for Muzhi's Sushi claims that Muzhi has accomplished "technological efficiency." This
means that Muzhi's Sushi
A) produces a given output using the least inputs.
B) produces a given output at the lowest cost.
C) has an economic profit greater than a normal profit.
D) has a normal profit greater than an economic profit.
Answer: A
Skill: Conceptual
11) When Acme Inc. produces a certain amount of output by using the least amount of inputs, Acme Inc.
definitely
A) maximizes profits.
B) minimizes labor costs.
C) achieves technological efficiency.
D) achieves economic efficiency.
Answer: C
Skill: Conceptual
12) When Acme, Inc. produces a certain amount of output at least cost, Acme, Inc. definitely
A) achieves economic efficiency.
B) uses more capital than labor.
C) earns a normal profit.
D) None of the above is true.
Answer: A
Topic: Economic Efficiency
Skill: Conceptual
13) Economic efficiency occurs when the firm produces a given output
A) by using the least amount of inputs.
B) by using the maximum amount of inputs.
C) at the least cost.
D) at the greatest cost.
Answer: C
Skill: Recognition
17
14) Economic efficiency necessarily occurs when the firm
A) produces a given output at least cost.
B) produces a given output by using the least inputs.
C) earns a normal profit.
D) earns an economic profit.
Answer: A
Skill: Recognition
15) Which of the following is true?

A) Economic efficiency occurs if the maximum feasible amount of output is achieved from a given
quantity of inputs.
B) Economic efficiency depends only on what is feasible.
C) If production is technologically efficient then it must be economically efficient.
D) None of the above statements are correct.
Answer: D
Skill: Recognition
16) Economic efficiency definitely occurs whenever

A) a firm cannot increase its output without increasing all its inputs.
B) there are no implicit costs.
C) the most modern technology is used in the production process.
D) the firm produces a given output at the least cost.
Answer: D
Skill: Recognition
17) Which of the following statements is correct?

A) Technological efficiency depends on the relative costs of resources.
B) Economic efficiency occurs when the firm produces a given output at the least cost.
C) A firm can be economically efficient without being technologically efficient.
D) Economic efficiency depends only on production methods.
Answer: B
Skill: Recognition
18
18) A company needs to know the price of each resource it employs if it wants to determine whether or
not it is achieving
A) technological efficiency.
B) economic efficiency.
C) accounting efficiency.
D) managerial efficiency.
Answer: B
Skill: Conceptual
19) The accountant for Muzhi's Sushi claims that Muzhi has accomplished "economic efficiency." This
means that Muzhi's Sushi
A) produces a given output using the least inputs.
B) produces a given output at the lowest cost.
C) has an economic profit greater than a normal profit.
D) has a normal profit greater than an economic profit.
Answer: B
Skill: Conceptual
20) Firm A can produce a unit of output with 10 hours of labor and 5 units of material. Firm B can
produce a unit of output with 5 hours of labor and 10 units of material. Firm C can produce a unit of
output with 10 hours of labor and 10 units of material. If the prices of labor and material are $10 per hour
and $5 per unit, respectively, which of these firms is economically efficient?
A) firm A only
B) firm B only
C) firm C only
D) Firms A and B could both be economically efficient.
Answer: B
Skill: Analytical
19
Techniques that produce 100 sweaters
Labor Capital
Technique (hours) (machines)
A 10 35
B 25 25
C 10 60
D 30 20
21) In the above table, the technique that is not technologically efficient is
A) A.
B) B.
C) C.
D) D.
Answer: C
Skill: Analytical
22) In the above table, the technique that is never economically efficient is
A) A.
B) B.
C) C.
D) D.
Answer: C
Skill: Analytical
23) Using the data in the above table, if the price of an hour of labor is $10 and the price of a unit of
capital is $20, then the most economically efficient technique for producing 100 sweaters is
A) A.
B) B.
C) C.
D) D.
Answer: D
Skill: Analytical
20
Another random document with
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The Project Gutenberg eBook of Origins of the
'Forty-five
This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.
Title: Origins of the 'Forty-five

and other papers relating to that rising
Editor: Walter Biggar Blaikie
Release date: October 1, 2023 [eBook #71772]
Language: English
Original publication: Edinburgh: Printed at the University press

by T. and A. Constable for the Scottish History Society,
1916
Credits: MWS, Krista Zaleski and the Online Distributed

Proofreading Team at https://www.pgdp.net (This file
was produced from images generously made available
by The Internet Archive/Canadian Libraries)
*** START OF THE PROJECT GUTENBERG EBOOK ORIGINS OF

THE 'FORTY-FIVE ***
PUBLICATIONS
OF THE
SCOTTISH HISTORY SOCIETY

SECOND SERIES
VOL.
II
ORIGINS OF THE ’FORTY-FIVE
March 1916
ORIGINS OF THE ’FORTY-FIVE
AND OTHER PAPERS RELATING TO

THAT RISING
Edited by
WALTER BIGGAR BLAIKIE
ll.d.
EDINBURGH
Printed at the University Press by T. and A. Constable for the
Scottish History Society
1916
PREFACE
I desire to express my thanks to the Government of the French
Republic for permission to make transcripts and to print selections
from State Papers preserved in the National Archives in Paris; to the
Earl of Ancaster for permission to print the Drummond Castle
Manuscript of Captain Daniel’s Progress; to the Earl of Galloway for
Cardinal York’s Memorial to the Pope; to His Grace the Archbishop
of St. Andrews for the use of papers elucidating the action of the
Roman Catholic clergy in 1745; to Miss Grosett-Collins, who kindly
lent me Grossett family papers; to Mrs. G. E. Forbes and Mr.
Archibald Trotter of Colinton for private papers of the Lumisden
family; to M. le Commandant Jean Colin of the French Army (author
of Louis XV. et les Jacobites) for several valuable communications,
and to Martin Haile for similar help.
To my cousin, Miss H. Tayler, joint author of The Book of the
Duffs, I am indebted for transcripts of papers in the French Archives
in Paris as well as for information from Duff family papers; to Miss
Maria Lansdale for the transcript of the report of the Marquis
d’Eguilles to Louis xv.; to Dr. W. A. Macnaughton, Stonehaven, for
copies of the depositions referring to the evasion of Sir James
Steuart; and to Miss Nairne, Salisbury, for the translation of Cardinal
York’s Memorial.
I have also to acknowledge general help from the Hon. Evan
Charteris; Mr. William Mackay, Inverness; Mr. J. K. Stewart,
secretary of the Stewart Society; Mr. J. R. N. Macphail, K.C.; Mr. J.
M. Bulloch, author of The House of Gordon; Dr. Watson, Professor of
Celtic History, Edinburgh; Mr. P. J. Anderson, Aberdeen University
Library; Colonel Lachlan Forbes; the Rev. Archibald Macdonald of
Kiltarlity; and the Rev. W. C. Flint of Fort Augustus.
I should be ungrateful if I did not make acknowledgment of the
information I have received and made use of from five modern books
—James Francis Edward, by Martin Haile; The King Over the Water,
by A. Shield and Andrew Lang; The Jacobite Peerage, by the
Marquis de Ruvigny; The History of Clan Gregor, by Miss Murray
Macgregor; and The Clan Donald, by A. and A. Macdonald.
Lastly, I have to thank Mr. W. Forbes Gray for kindly reading and
revising proofs and for other assistance; and Mr. Alex. Mill, who has
most carefully prepared the Index and given me constant help in
many ways.
W. B. B.
Colinton, March 1, 1916.
CORRIGENDA
Page xxxix, lines 3 and 14, for ‘Excellency’ read ‘Eminence.’
Page 18, note 3, for see Appendix’ read ‘see Introduction, p.
xxiii.’ [Transcriber’s note: found in footnote 140]
Page 47, note 1, for ‘John Butler’ read ‘John Boyle.’
[Transcriber’s note: found in footnote 180]
Page 113, note 3, last line, for ‘1745’ read ‘1746.’ [Transcriber’s
note: found in footnote 323]
SCOTTISH HISTORY SOCIETY
The Editor of ‘ORIGINS OF THE FORTY-FIVE’ requests
members to make the following corrections:—
Page xviii, line 20, ‘September 3rd’ should be
‘September 1st.’
Page xxv, line 25, the age of Glenbucket should be
‘sixty-four,’ and at page lxi, line 6, his age should be
‘seventy-two.’
In a letter in the Stuart Papers (Windsor), from
Glenbucket to Edgar, dated St. Ouen, 21 Aug.
1747, he states his age to be seventy-four.
Page 97, line 22 of note, ‘Clan Donald iii, 37,’ should
be ‘iii, 337.’ [Transcriber’s note: found in footnote 301]
Page 164, note 1 [Transcriber’s note: found in footnote
388], and again in Genealogical Table, page 422,
‘Abercromby of Fettercairn’ should be ‘of Fetterneir.’
June 4, 1917.
CONTENTS
PAGE
INTRODUCTION ix
Papers of John Murray of Broughton xlix
Memorial concerning the Highlands liii
The late Rebellion in Ross and Sutherland lv
The Rebellion in Aberdeen and Banff lvii
Captain Daniel’s Progress lxiv
Prince Charles’s Wanderings in the Hebrides lxx
Narrative of Ludovick Grant of Grant lxxiii
Rev. John Grant and the Grants of Sheugly lxxvi
Grossett’s Memorial and Accounts lxxviii
The Battles of Preston, Falkirk, and Culloden lxxxiv
Papers of John Murray of Broughton found after
Culloden 3
Memorial Concerning the Highlands, written by
Alexander Macbean, A.M., Minister of Inverness 71
An Account of the Late Rebellion from Ross and
Sutherland, written by Daniel Munro, Minister of
Tain 95
Memoirs of the Rebellion in 1745 and 1746, so far as
it Concerned the Counties of Aberdeen and Banff 113
A True Account of Mr. John Daniel’s Progress with 167
Prince Charles Edward in the Years 1745 and 1746,
written by himself
Neil Maceachain’s Narrative of the Wanderings of
Prince Charles in the Hebrides 227
A Short Narrative of the Conduct of Ludovick Grant
of Grant during the Rebellion 269
The Case of the Rev. John Grant, Minister of
Urquhart; and of Alexander Grant of Sheugly in
Urquhart, and James Grant, his Son 313
A Narrative of Sundry Services performed, together
with an Account of Money disposed in the Service of
Government during the late Rebellion, by Walter
Grossett 335
Letters and Orders from the Correspondence of
Walter Grossett 379
A Short Account of the Battles of Preston, Falkirk,
and Culloden, by Andrew Lumisden, then Private
Secretary to Prince Charles 405
APPENDICES—
i. The Jacobite Lord Sempill 421
ii. Murray and the Bishopric of Edinburgh 422
iii. Sir James Steuart 423
iv. The Guildhall Relief Fund 429
v. Cardinal York’s Memorial to the Pope 434
vi. The Macdonalds 449
vii. Tables showing Kinship of Highland Chiefs 451
viii. Lists of Highland Gentlemen who took part in the
’Forty-five 454
INDEX 459
INTRODUCTION
James Francis Edward, King James iii. and viii. of the Jacobites,
the Old Pretender of his enemies, and the Chevalier de St. George
of historians, was born at St. James’s Palace on 10th June 1688. On
the landing of William of Orange and the outbreak of the Revolution,
the young Prince and his mother were sent to France, arriving at
Calais on 11th December (O.S.);[1] the King left England a fortnight
later and landed at Ambleteuse on Christmas Day (O.S.). The
château of St. Germain-en-Laye near Paris was assigned as a
residence for the royal exiles, and this château was the home of the
Chevalier de St. George for twenty-four years.
James ii. and vii. died on 5th September 1701 (16th Sept. N.S.),
and immediately on his death Louis xiv. acknowledged his son as
king, and promised to further his interests to the best of his power.
The first opportunity of putting the altruistic The Scots Plot,

intention of the King of France into operation 1703.[2]
occurred within a year of King James’s death, and
the evil genius of the project was Simon Fraser, the notorious Lord
Lovat.
Lovat, whose scandalous conduct had shocked the people of
Scotland, was outlawed by the courts for a criminal outrage, and fled
to France in the summer of 1702. There, in spite of the character he
bore, he so ingratiated himself with the papal nuncio that he obtained
a private audience with Louis xiv., an honour unprecedented for a
foreigner. To him he unfolded a scheme for a Stuart Restoration. He
had, he said, before leaving Scotland visited the principal chiefs of
the Highland clans and a great number of the lords of the Lowlands
along with the Earl Marischal. They were ready to take up arms and
hazard their lives and fortunes for the Stuart cause, and had given
him a commission to represent them in France. The foundation of his
scheme was to rely on the Highlanders. They were the only
inhabitants of Great Britain who had retained the habit of the use of
arms, and they were ready to act at once. Lord Middleton and the
Lowland Jacobites sneered at them as mere banditti and cattle-
stealers, but Lovat knew that they, with an instinctive love of fighting,
were capable of being formed into efficient and very hardy soldiers.
He proposed that the King of France should furnish a force of 5000
French soldiers, 100,000 crowns in money, and arms and equipment
for 20,000 men. The main body of troops would land at Dundee
where it would be near the central Highlands, and a detachment
would be sent to western Invernessshire, with the object of capturing
Fort William, which overawed the western clans. The design was an
excellent one, and was approved by King Louis. But before putting it
into execution the ministry sent Lovat back to obtain further
information, and with him they sent John Murray, a naturalised
Frenchman, brother of the laird of Abercairney, who was to check
Lovat’s reports.
It is characteristic of the state of the exiled Court, that it was rent
with discord, and that Lord Middleton, Jacobite Secretary of State,
who hated Lovat, privately sent emissaries of his own to spy on him
and to blight his prospects.
Lovat duly arrived in Scotland, but the history of his mission is
pitiful and humiliating. He betrayed the project to the Duke of
Queensberry, Queen Anne’s High Commissioner to the Scots
Estates, and, by falsely suggesting the treason of Queensberry’s
political enemies, the Dukes of Hamilton and Atholl, befooled that
functionary into granting him a safe conduct to protect him from
arrest for outlawry.
When Lovat returned to France he was arrested under a lettre de
cachet and confined a close prisoner for many years, some records
say in the Bastille, but Lovat himself says at Angoulême.
The whole affair had little effect in Scotland beyond compassing
the disgrace of Queensberry and his temporary loss of office, but it
had lasting influence in France and reacted on all future projects of
Jacobite action. For, first, it instilled into the French king and his
ministers the suspicious feeling that Jacobite adventurers were not
entirely to be trusted. And second, Lovat’s account of the fighting
quality of the Highlanders and of their devotion to the Stuarts so
impressed itself on both the French Court and that of St. Germains
that they felt that in the Highlands of Scotland they would ever find a
point d’appui for a rising. Lovat’s report, in fact, identified the
Highlanders with Jacobitism.
Scotland was the scene of the next design for a The French
restoration, and the principal agent of the French Descent, 1708.
Court was a certain Colonel Nathaniel Hooke. [3]
Hooke had been sent to Scotland in the year 1705,
to see if that country was in such a state as to afford a reasonable
prospect of an expedition in favour of the exiled Stuart. In the year
1707, while the Union was being forced upon an unwilling
population, and discontent was rife throughout the country on
account of that unpopular measure, Hooke was again sent, and
although not entirely satisfied with all he saw and heard, he returned
with favourable accounts on the whole. Among other documents he
brought with him was a Memorial of certain Scottish lords to the
Chevalier, in which, among other things, it was stated that if James,
under the protection of His Most Christian Majesty (Louis xiv.), would
come and put himself at the head of his people in Scotland, ‘the
whole nation will rise upon the arrival of its King, who will become
master of Scotland without any opposition, and the present
Government will be intirely abolished.’ It was some months before
the French king gave any answer. St. Simon in his Memoires says
that Louis xiv. was so disheartened by his previous failure that he
would not at first listen to the suggestion of a French expedition; and
it was only through the efforts of Madame de Maintenon that he was
persuaded to sanction an invading force. Even then much time was
wasted, and it was not until the spring of 1708 that a squadron was
equipped under the command of the Admiral de Forbin, and a small
army under the Comte de Gasse. Even when ready to sail, the
constant and proverbial ill-luck of the Stuarts overtook the poor
Chevalier. He caught measles, which still further delayed the
expedition. By this time, naturally, the British Government had
learned all about the scheme, and made their naval preparations
accordingly. At last, on the 17th March, James, hardly convalescent,
wrapped in blankets, was carried on board the flagship at Dunkirk.
The squadron was to have proceeded to the Firth of Forth and to
have landed the Chevalier at Leith, where his partisans were
prepared to proclaim him king at Edinburgh. Possibly because of bad
seamanship, possibly because of treachery,[4] the French admiral
missed the Firth of Forth, and found himself off Montrose. He turned,
and could proceed no nearer Edinburgh than the Isle of May, off
which he anchored. There the British Fleet, which had followed him
in close pursuit, discovered him. The admiral weighed anchor, and
fought a naval action in which he lost one of his ships. He then
retreated towards the north of Scotland. James implored to be set
ashore even if it were only in a small boat by himself, but his
solicitations were in vain. The admiral positively refused, saying that
he had received instructions from the French king to be as careful of
the Chevalier as if he were Louis himself; so Forbin carried him back
to Dunkirk, where the heart-broken exile was landed on the 6th of
April, having been absent only twenty days, and having lost one of
the most likely opportunities that ever occurred for his restoration to
his ancient kingdom of Scotland, if not to England.
After his return to France the Chevalier joined Expulsion from

the French army. In 1708 he fought at Oudenarde France, 1713.
and Lille, and the following year at Malplaquet. His
gallant conduct won golden opinions from Marlborough and his
troops. The British soldiers drank his health. James visited their
outposts and they cheered him. What Thackeray puts into the mouth
of a British officer well describes the situation: ‘If that young
gentleman would but ride over to our camp, instead of Villars’s, toss
up his hat and say, “Here am I, the King, who’ll follow me?” by the
Lord the whole army would rise and carry him home again, and beat
Villars, and take Paris by the way.’[5] But James stayed with the
French, and the war ended with the Treaty of Utrecht in 1713. This
treaty gave the crown of Spain to the Bourbons, Gibraltar and the
slave-trade to the British, and pronounced the expulsion of the
Stuarts from France. A new asylum was found for the Chevalier in
Lorraine, which, though an independent duchy, was largely under the
domination of France. The Chevalier’s residence was fixed at Bar-le-
Duc, and there he went in February 1713.
In August 1714, on the death of Queen Anne, James made a trip
to Paris to be ready for action should his presence be required, but
the French Government sent him back to Bar-le-Duc. The death of
Louis xiv. on 1st September 1715 (N.S.) was the next blow the
Jacobite cause sustained. The government of France passed to the
Duke of Orleans as Regent, and his policy was friendship with the
British Government.
Then came the Rising of 1715, which began at

The Fifteen.[6]
Braemar on 6th September, followed by the
English rising in Northumberland under Forster. The movement in
England was crushed at Preston on 13th November, the same day
that the indecisive battle was fought at Sheriffmuir in Perthshire.
Lord Mar made Perth his headquarters, and invited James to join
the Scottish army. The Chevalier, who had moved to Paris in
October, in strict secrecy, and in disguise, being watched by both
French and English agents, managed, after many remarkable
adventures, checks, and disappointments, to get away from Dunkirk
on 16th December (27th N.S.), and to reach Peterhead on the 22nd.
Thence he went to Perth, where he established his Court at the
ancient royal palace of Scone. He was proclaimed king and
exercised regal functions; some authorities say that he was crowned.
[7] But James had come too late; mutual disappointment was the
result. He had been assured that the whole kingdom was on his side,
but he found only dissension and discontent. His constant
melancholy depressed his followers. No decisive action was taken;
the project had failed even before he arrived, and Lord Mar
persuaded him that he would serve the cause best by retiring and
waiting for a happier occasion.
James was forced to leave Scotland on 5th February 1716
(O.S.). He landed at Gravelines on 10th February (21st N.S.), went
secretly to Paris, and concealed himself for a week in the Bois de
Boulogne. Thence he went to Lorraine, where he was sorrowfully
told by the Duke that he could no longer give him shelter. The power
of Britain was great; no country that gave the exile a home could
avoid a quarrel with that nation. The Pope seemed to be the only
possible host, and James made his way to Avignon, then papal
territory. But even Avignon was too near home for the British
Government, which, through the French regent, brought pressure to
bear on the Pope; the Chevalier was forced to leave Avignon in
February 1717, and to cross the Alps into Italy. Here for some
months he wandered without a home, but in July 1717 he settled at
Urbino in the Papal States.
For a time the cares of the Jacobite Court were Marriage to

centred on finding a wife of royal rank for the Clementina,
throneless king. After various unsuccessful 1719.[8]
proposals, the Chevalier became engaged to the
Princess Clementina Sobieska, whose grandfather had been the
warrior King of Poland. The Sobieski home was then at Ollau in
Silesia; and in October 1718 James sent Colonel Hay to fetch his
bride. The British Government determined to stop the marriage if
possible. Pressure was put on the Emperor, who had Clementina
arrested at Innsbruck while on her journey to Italy. Here the Princess
remained a prisoner until the following April. The story of her rescue
by Colonel Wogan is one of the romances of history, and has
recently been the theme of an historical romance.[9] Wogan brought
the princess safely to Bologna, and there she was married by proxy
to James on 9th May 1719. While Wogan was executing his bridal
mission, the Chevalier, who had almost given up hope of the
marriage, had been called away to take his part in a project which
seemed to augur a chance of success.
On the collapse of the rising of 1715, the
Jacobite Court, despairing of assistance from
France or Spain, had turned for aid to Charles xii. The Swedish
of Sweden. Charles had conceived a violent hatred Plot, 1716-17.
for George i., who had acquired by purchase from the King of
Denmark two secular bishoprics which had been taken from Sweden
by the Danes, and which had been incorporated in the electorate of
Hanover. As early as 1715 Charles listened to a project of the Duke
of Berwick, by which he should send a force of Swedish troops to
Scotland, but he was then too busy fighting the Danes to engage in
the scheme. In 1717 the Jacobites renewed negotiations with
Sweden, and a plan was formed for a general rising in England
simultaneously with an invasion of Scotland by the Swedish king in
person at the head of an army of 12,000 Swedes. The plot came to
the knowledge of the British Government in time; the Swedish
ambassador in London was arrested; the project came to nothing;
but in the following year a more promising scheme for a Stuart
restoration was formed.
Spain, smarting under the loss of her Italian The Spanish

possessions, ceded to Austria by the Peace of Expedition of
Utrecht, had declared war on the Emperor and had 1719.[10]
actually landed an army in Sicily. In compliance
with treaty obligations, Great Britain had to defend the Emperor, and
in August 1718 a British squadron engaged and destroyed a Spanish
fleet off Cape Passaro. Alberoni, the Spanish minister, was furious
and determined on reprisals. He entered into an alliance with the
Swedish king; a plan for invading Great Britain was formed, and
negotiations were opened with the Jacobite Court. The death of
Charles xii. in December detached Sweden from the scheme, but
Alberoni went on with his preparations. A great armada under
Ormonde was to carry a Spanish army to the west of England, and a
subsidiary expedition under the Earl Marischal was to land in north-
western Scotland. The Chevalier was summoned to Spain to join the
expedition, or failing that to follow it to England. The fleet sailed from
Cadiz in March 1719. James had left Rome in February, travelling by
sea to Catalonia and thence to Madrid and on to Corunna. He
reached the latter port on 17th April, only to learn of the dispersal of
the Spanish fleet by a storm and the complete collapse of the
adventure.
The auxiliary Scottish expedition, unconscious of the disaster,
landed in the north-western Highlands; but after some vicissitudes
and much dissension the attempt ended with the Battle of Glenshiel
on the 10th of June—the Chevalier’s thirty-first birthday—and the
surrender next day of the remainder of the Spanish troops, originally
three hundred and seven in number.
James returned from Corunna to Madrid, where he lingered for
some time, a not very welcome guest. There he learned of the
rescue of Princess Clementina and of his marriage by proxy.
Returning to Italy in August, he met Clementina at Montefiascone,
where he was married in person on September 1st, 1719.
From this time forward until the end of his life, forty-seven years
later, the Chevalier’s home was in Rome, where the Pope assigned
him the Muti Palace as a residence, along with a country house at
Albano, some thirteen miles from Rome.
In 1720, on December 20th by British reckoning Birth of Charles

(Dec. 31st by the Gregorian calendar), Prince Edward, 1720.
Charles Edward was born at Rome, and with the
birth of an heir to the royal line, Jacobite hopes and activities
revived.
At this time the Jacobite interests in England The Atterbury

were in charge of a Council of five members, Plot, 1721-22.
frequently termed ‘the Junta.’ The members of this [11]
Council were the Earl of Arran, brother of
Ormonde, the Earl of Orrery, Lord North, Lord Gower, and Francis
Atterbury, Bishop of Rochester. Of these Atterbury was by far the
ablest, and in England was the life and soul of Jacobite contriving. A
great scheme was devised, which is known in history as the

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1 The Firm and Its Economic Problem

1) The most important goal of the firm is to

2) A firm's basic goal is best described as

6) A firm's opportunity costs ________.

7) Which of the following costs are part of a firm's opportunity costs?

10) Which of the following is part of a firm's opportunity costs?

11) The implicit rental rate for capital is

12) The implicit rental rate for capital includes the

16) Economic depreciation is the

19) Costs as measured by accountants generally does not include

27) A normal profit is

28) A normal profit for a self-employed entrepreneur is

30) Economic profit is

31) An economic profit for a self-employed entrepreneur is

32) If economic profit is equal to zero, then

51) An economic profit is

2 Technological and Economic Efficiency

1) Technological efficiency occurs when the firm produces a given output

3) A firm has achieved technological efficiency whenever it has

5) Which of the following is true?

15) Which of the following is true?

16) Economic efficiency definitely occurs whenever

17) Which of the following statements is correct?

Title: Origins of the 'Forty-five

Editor: Walter Biggar Blaikie

Release date: October 1, 2023 [eBook #71772]

Original publication: Edinburgh: Printed at the University press

Credits: MWS, Krista Zaleski and the Online Distributed

*** START OF THE PROJECT GUTENBERG EBOOK ORIGINS OF

SCOTTISH HISTORY SOCIETY

ORIGINS OF THE ’FORTY-FIVE

AND OTHER PAPERS RELATING TO

The first opportunity of putting the altruistic The Scots Plot,

After his return to France the Chevalier joined Expulsion from

Then came the Rising of 1715, which began at

For a time the cares of the Jacobite Court were Marriage to

Spain, smarting under the loss of her Italian The Spanish

In 1720, on December 20th by British reckoning Birth of Charles

At this time the Jacobite interests in England The Atterbury

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