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This quiz consists of 5 multiple choice and 5 short answer questions through The Wonderful World of Adam Smith.

Multiple Choice Questions

1. Only because man is ___________ he has succeeded. (fill in the blank)
(a) Invincible.
(b) Antisocial.
(c) Clever.
(d) Socially cooperative.

2. Assigning tasks by command to ensure that all necessary tasks are performed is what type of system?
(a) Market.
(b) Religion.
(c) Tradition.
(d) Authority.

3. What describes how investment can lead to greater output?
(a) Law of Population.
(b) Law of Economics.
(c) Law of Accumulation.
(d) Law of Assimilation.

4. Eventually the market system evolved with its necessary factors of _________ for production. (fill in the blank)
(a) Land, labor, and capital.
(b) Religion, custom, and authority.
(c) Traditions.
(d) Land, factories, and capital.

5. Where was Adam Smith educated?
(a) University of England.
(b) Oxford.
(c) University of Glasgow.
(d) Harvard.

Short Answer Questions

1. "Each should do what was to his best monetary advantage" describes what system?

2. The market system was compelled largely by what idea?

3. What did all of the these economists do?

4. Who failed to recognize the wealth creating ability of labor?

5. Heilbroner says the work of economist is both exciting and _________. (fill in the blank)

(see the answer key)

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