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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. The fact that man is _________ makes survival difficult. (fill in the blank)
(a) A slow learner.
(b) Self-centered.
(c) Clever.
(d) Antisocial.

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

3. The economist Adam Smith lived during which time period?
(a) The American Revolution.
(b) The French Revolution.
(c) The American Gold Rush.
(d) The Great Depression.

4. What helped bring an end to the religiousness of the population in Europe?
(a) The death of the pope.
(b) Foreign exploration.
(c) The Industrial Revolution.
(d) The Italian Renaissance.

5. 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) Religion.
(b) Money and taxes.
(c) Custom and tradition.
(d) Markets.

Short Answer Questions

1. What is the most worldly of all man's activities, according to Heilbroner?

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

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

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

5. What theory explains that higher wages will call forth more workers because higher wages result in better living conditions and lower mortality figures?

(see the answer key)

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