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. In Mills' model, wages would rise as a result of accumulation of capital. Eventually, the accumulation process would come to an end and enter what stage?
(a) Communism.
(b) Benign socialism.
(c) Phanlansteries.
(d) Capitalism.

2. In ancient society, there was no need for political economy or to see what made the economy function because it was all based on what?
(a) Custom and tradition.
(b) Religion.
(c) Money and taxes.
(d) Markets.

3. Where was New Harmony located?
(a) New York.
(b) Manchester.
(c) London.
(d) Indiana.

4. Heilbroner believes economists wield power greater than _________. (fill in the blank)
(a) Armies.
(b) Sword and scepter.
(c) God.
(d) Kings.

5. Mill's book pointed out that the true province of economic law was production, not _________. (fill in the blank)
(a) Wages.
(b) Factories.
(c) Profits.
(d) Distribution.

Short Answer Questions

1. Saint-Simone was a firm believer in _________. (fill in the blank)

2. Pamphlets printed at the time of his work compared Malthus with whom?

3. What kind of survival has man faced from the earliest days on?

4. It is the forces of ______ that make the market function according to Adam Smith. (fill in the blank)

5. Ricardo was the son of a Jewish merchant banker from _________. (fill in the blank)

Short Essay Questions

1. What led to the introduction of a poor-relief bill and what did it encourage?

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

3. How was English society divided at the time of Adam Smith?

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

5. What was the market system?

6. How did the Corn Laws benefit the landowners?

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

8. What factors determine a nation's wealth, according to Adam Smith?

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

10. Who was Count Henri de Rouvroy de Saint-Simone?

(see the answer keys)

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