The Worldly Philosophers Test | Mid-Book Test - Medium

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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. "Each should do what was to his best monetary advantage" describes what system?
(a) Market.
(b) Authority.
(c) Religion.
(d) Tradition.

2. According to Heilbroner, economists changed the world not through __________, but through power of their ideas. (fill in the blank)
(a) Laughter.
(b) Mischief.
(c) Wealth.
(d) Force.

3. At what university was Adam Smith on the faculty?
(a) Oxford.
(b) Harvard.
(c) University of England.
(d) University of Glasgow.

4. What theory explains that higher wages will call forth more workers because higher wages result in better living conditions and lower mortality figures?
(a) Law of Population.
(b) Law of Economics.
(c) Law of Accumulation.
(d) Law of Assimilation.

5. What did the market system become known as?
(a) Communism.
(b) Populism.
(c) Marxism.
(d) Capitalism.

Short Answer Questions

1. Smith was a firm believer in _______________, or leave the market alone. (fill in the blank)

2. According to Ricardo, which class was the only class in English society which could benefit from its hold on grain prices?

3. Only because man is ___________ he has succeeded. (fill in the blank)

4. Which legislation resulted in duties on grain imports and remained in effect for thirty years?

5. What was the title of Adam Smith's first book?

Short Essay Questions

1. Why does Heilbroner find it strange that people don't know about the worldly philosophers?

2. What was the mission of the Grand National labor union?

3. What did most people in ancient societies aspire to?

4. What is the greatest danger to survival in an advanced society?

5. What does Heilbroner say in his introduction that the worldly philosophers did "quietly and inconspicuously"?

6. What was the premise of Adam Smith's first book, The Theory of Moral Sentiments?

7. What is the proof that there is not a perfect solution to man's survival?

8. What is Adam Smith's Invisible Hand Theory?

9. What is the difference between markets and the market system?

10. What does Heilbroner say that economists provide?

(see the answer keys)

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