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This quiz consists of 5 multiple choice and 5 short answer questions through The Victorian World and the Underworld of Economics.

Multiple Choice Questions

1. Who failed to recognize the wealth creating ability of labor?
(a) Quesnay.
(b) Smith.
(c) Locke.
(d) Hume.

2. The new philosophy of survival with the market system brought with it what new social problem?
(a) Getting the poor rich.
(b) Keeping the poor poor.
(c) Getting the rich poor.
(d) Keeping the poor drunk.

3. Owen's idea was totally contrary to the doctrine of _________. (fill in the blank)
(a) Laissez-faire.
(b) Democracy.
(c) The Law of Accumulation.
(d) Physiocracy.

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

5. Henry George's favorite idea was called __________. (fill in the blank)
(a) Taxation without representation.
(b) The single tax.
(c) The big tax.
(d) Villages of Cooperation.

Short Answer Questions

1. What is production dependent upon?

2. According to Malthus, the size of the population is limited by what?

3. 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?

4. What year was The Wealth of Nations published?

5. As imperialism waned or changed, what came into being?

(see the answer key)

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